Bobby Ong, the founder of the cryptocurrency information platform CoinGecko, stated that a series of failed token launches and rug pull incidents have caused investors to lose interest in memecoins. “Memecoins have indeed fallen out of favor at present,” he remarked, but those “higher quality” coins that can capture user attention have a chance to survive in the market.
In a report released on March 6, Ong pointed out that following the LIBRA incident related to the Argentine president, relevant metrics for the token launch platform Pump.fun have seen a significant decline. The number of newly created tokens on the platform and the daily graduating tokens (those meeting the standards to be listed on exchanges) have dropped by over 90% since the peak in February. The report stated:
Nevertheless, Ong believes that memecoins are inherently “seasonal,” with their popularity fluctuating over time. However, this also means that those memecoins capable of surviving across cycles and continuing to develop are extremely rare. He noted that memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and BONK “have withstood the test of market cycles, providing valuable lessons for creators of memecoins who wish to build long-term assets.”
Reflecting on KOL Murad’s speech regarding the supercycle of memecoins at the TOKEN2049 conference last September, Ong stated that the most successful memecoins can establish cult-like communities, where members are passionate about a certain idea, do not sell, and continue to create content and narratives. Ong then wrote:
Ong speculated that the memecoin market may be heading towards an “extreme power law,” where 99.99% will fail, and only a very small number will stand out. Data source: