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Altcoins almost didn’t contribute to the big rise in Bitcoin this year. Except Meme Coins… While meme coins, especially based on Solana, are being adopted by more and more users day by day, there are even meme coin creation videos created on social media.
However, according to the latest data from GMCI, which offers an index on cryptocurrencies, the major coin has now started to slow its upward trend. According to the company’s GMCI meme coin index, these cryptocurrencies have slowed over the past 2 weeks.
“The Memecoin Market Is Too Hot”
According to Ming Jung from Presto Research, the memecoin industry is starting to heat up:
“MimiCoin’s market appears to be overheated now. Listings on stock exchanges have boosted prices significantly. “Incidents like the recent Pump.fun experience have made investors weary.”
As you may recall, Pump.fun, the meme coin creation platform that raked in a lot of revenue this year, ended its live streaming feature a few days ago. Pump.fun took such action due to many complaints such as child and animal abuse.
“Money May Be Shifting From Memecoins To Decentralized Finance”
GMCI Company’s DeFi Index shows that cryptocurrencies in this field have grown significantly over the past 2 weeks. The index has gained 35% since November 14.
Arthur Cheung, founder and CEO of Defiance Capital, also highlighted the start of the Ether monetization and said:
“We see money starting to flow into DeFi projects, especially Ether. Meme coin traders are now moving money into the decentralized finance space. We may be at the end of the extreme meme coin boom.” There are “Cryptocurrencies that are fully backed and a project can start to be prioritized.”
The decentralized finance sector saw a serious influx of money, especially during the rally in the summer months of 2020. While this era was still called the “DeFi Summer”, many DeFi coins were many times more than today, even though it was 4.5 years ago.
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