Are Memecoins Dead? CoinGecko CEO Says ‘Yes, For Now’—But Here’s Why They’ll Return

The memecoin mania that dominated crypto headlines in early 2024 has screeched to a halt. Are memecoins dead? According to CoinGecko founder Bobby Ong, the answer is “yes, for now”—but their revival is inevitable. Let’s unpack why the market’s love affair with meme-driven tokens has cooled and what comes next.  

Are Memecoins Dead? The Data Says Yes (For Now)

Pump.fun, the go-to platform for memecoin launches, saw its metrics collapse in February. Newly created tokens and daily “graduated” coins plummeted over 90% from their February peak, per CoinGecko’s March 6 report. Weekly trading volume cratered from $3.3 billion in January to $1.2 billion by March—a 63% drop. Total memecoin market capitalization followed suit, nosediving from an all-time high of $124 billion in December to $54 billion.  

The culprit? A toxic mix of rug pulls, insider dumping, and fading hype. “The illusion that memecoins were fair launches has been shattered,” Ong said, pointing to the infamous Libra (LIBRA) token. Marketed as a currency “shared” by Argentine President Javier Milei, insiders cashed out $107 million within hours, erasing 94% of its value.  

How TRUMP and LIBRA Burst the Memecoin Bubble  

Are memecoins dead because of political satire? Partly. The launch of Donald Trump’s TRUMP and MELANIA tokens in January initially fueled memecoin mania, driving Pump.fun activity to record highs. But these projects ultimately “sucked liquidity and attention” from the broader market, Ong explained.  

The final blow came with Libragate, where insiders exploited hype around Milei’s libertarian branding to orchestrate one of 2024’s most brazen pump-and-dumps. Retail investors, burned by losses, retreated en masse.  

Are Memecoins Dead? Bitcoin and ETH Benefit  

As memecoin volumes dried up, attention shifted back to blue-chip assets. Bitcoin surged past $89,000 in March, while Ethereum reclaimed $2,200. Onchain analytics firm Santiment noted this pivot signals a “healthier market cycle,” with traders favoring fundamentals over speculative bets.  

But Ong warns against writing off memecoins entirely. “They’ve always been seasonal,” he said, predicting a future where 99.99% fail—but a select few, like DOGE, SHIB, and BONK, endure.  

Why Surviving Memecoins Aren’t Dead: Cult Communities  

Are memecoins dead if their communities stay loyal? Not quite. The tokens that survive crashes, Ong argues, are those with “cult-like followings” that create organic content and narratives. Dogecoin’s Elon Musk-fueled army and Shiba Inu’s decentralized ecosystem are prime examples.  

“Successful memecoins aren’t just jokes—they’re movements,” Ong said. This emotional investment shields them from total collapse, even when markets turn.  

Are Memecoins Dead Forever? History Says No 

Crypto’s history is littered with “dead” trends that roared back. Remember the ICO bust of 2018? NFTs’ 2022 crash? Both resurged years later. Memecoins, Ong says, will follow the same path.  

The key to their revival? Innovation. Projects that blend memes with utility—think gaming integrations or AI-powered features—could reignite interest. “The next wave won’t just be about funny logos,” Ong added.  

The Bottom Line: Memecoins Are Dead (Until They’re Not) 

So, are memecoins dead? Today’s data says yes. Retail investors are licking their wounds, and platforms like Pump.fun face existential threats. But crypto’s cyclical nature means memes will return—likely with tighter regulations and smarter tokenomics.  

For now, the market’s focus on Bitcoin and Ethereum offers a respite from the chaos. But when the next bull run arrives, expect memecoins to rise again—smarter, sharper, and more community-driven than ever. Get the latest crypto and web3 news and analysis from The Bit Gazette