Have Tokens like TRUMP and LIBRA Shaken the Trader’s Confidence In the Memecoins?
The cryptocurrency market has witnessed another “pump and trash” of one token, which has raised concerns about the future of Memecoins. The Argentine president announced the launch of a Trump anniversary Libra similar to U.S. President Donald Trump’s official Trump anniversary. Shortly after the announcement, both tokens witnessed a lot of liquidity, making the tokens very profitable. Shortly after Libra began trading at a level above $1, the insider cashed out, dragging the level out more than 90% within 3 hours of release.
Although Trump faces similar consequences in a few days, Libra is intoxicated in just a few hours. The Trump team was locked in stakes with more than 70% of the tokens, while Libra insiders cashed in on token science that they didn’t share with businessmen. Does this indicate that “celebrity coins” are degrading the credibility of memes? Or is it because Bitcoin’s advantages are not high enough?
Will traders regain confidence in memes?
Memecoin’s market cap has dropped by 30% over the past 30 days, while the volume has increased significantly by more than 68%. The highest profiters of the same period failed to record the maximum gains of dogs, Dogecoin, Pepe or such as wif, bonk or popcat. This suggests that traders no longer attract private careers or member use cases, but serve as a tool for quick access.
As this type of token increases, a popular analyst has anonymously named Seth Call for stronger crypto regulations. He said
Encryption requires regulations. This destroys the reputation of cryptocurrencies
Although some people refuse, some believe regulations can not only help memes, but also save the reputation of the entire cryptocurrency. Crypto space consists of many gems that can solve many real-world problems. So when these scams fail to get the required purchase volume and pour all the amount into these scam coins, it is not a good sign for the crypto space. In addition, influencers are also responsible for the losses caused by retailers due to the collapse caused by their team.
But as long as market participants continue to dream of making quick profits or becoming millionaires overnight, many other pumps and junk tokens will continue to squeeze millions of dollars in the coming days.
