Memecoin trading surged in early 2024 but collapsed after failed launches and insider scandals like the LIBRA controversy.
Investors are shifting their focus to Bitcoin and Ether, while only a few strong meme coins may survive in the long term.
The memecoin market reached its peak market capitalization in December 2023 at $124 billion, but it has since declined to $54 billion.
Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) are among the few meme coins that have survived multiple market cycles and continue to lead in the memecoin market.