A recent Coinwire research report reveals a troubling trend for memecoins promoted by cryptocurrency influencers on X (formerly Twitter).
According to the study, 76% of memecoins endorsed by influencers have fallen to zero, while only 1% of these coins have experienced a tenfold increase. In fact, a staggering 80% of promoted memecoins saw a sharp decline of 70% within just a week.
According to a Coinwire research report, 76% of cryptocurrency influencers on the X have promoted Memecoins that have now returned to zero, only 1% of the promoted Memecoins have achieved a tenfold increase, and 80% of the promoted Memecoins have plummeted by 70% in a week.… pic.twitter.com/EWmmymAS2N
— Wu Blockchain (@WuBlockchain) November 25, 2024
Among the most notable drops, CHEEMS saw its value plummet by over 57%, now with a market capitalization of $137 million. Similarly, WHY dropped more than 30%, bringing its market value down to $109 million.
CHEEMS fell by more than 57% in a short period of time, with a market value of US$137 million. WHY fell by more than 30% in a short period of time, with a market value of US$109 million.
— Wu Blockchain (@WuBlockchain) November 25, 2024
While the broader cryptocurrency market experienced a decline yesterday, sectors like GameFi and DeSci bucked the trend. GameFi saw a notable increase of 9.52%, while DeSci grew by 3.35%.
GameFi Tokens Experience Notable Surge
Several prominent projects within the GameFi space performed well, including The Sandbox (SAND), which surged by 65.24%, Decentraland (MANA), up by 29.56%, and Axie Infinity (AXS), which rose by 14.27%. Additionally, Rifampicin (RIF) saw a solid increase of 27.98%.
The overall crypto market fell yesterday, but GameFi and DeSci sectors rose against the trend by 9.52% and 3.35%, respectively. The Sandbox (SAND) rose by 65.24%, Decentraland (MANA) rose by 29.56%, and Axie Infinity (AXS) rose by 14.27%. Rifampicin (RIF) rose by 27.98%.…
— Wu Blockchain (@WuBlockchain) November 25, 2024
These movements indicate a shift in market sentiment, with investors beginning to favor more established sectors like GameFi and DeSci over the increasingly volatile and speculative nature of memecoins. As the market continues to evolve, it will be interesting to see whether GameFi and DeSci can maintain their upward momentum while memecoins face increased scrutiny.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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