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Why Can't Altcoins Make the Expected Mega Bull Move? Analyst Explains the Main Reason!
Argentine President Javier Milei made headlines by promoting a Solana-based memecoin named LIBRA on his X account. The token's market value skyrocketed to over 4 billion dollars within minutes, but shortly after plummeted by 99%. Milei claimed he was misled and quickly deleted his post. Meanwhile, a LIBRA developer behind Melania Trump's memecoin admitted to artificially inflating both tokens using internal funds.
According to the analyst, the reason why the Altcoin Rally has not started yet is Memecoins
This incident reflects countless other memecoin schemes that have cost millions to retail investors, while cryptocurrency analyst Simeon Koch argues that it points to a deeper issue unsettling the altcoin sector. In a detailed analysis, Koch explains why smaller cryptocurrencies have been underperforming for months.
According to Koch, the real problem is not only meme coins, but the manipulation culture in the altcoin sector. Many projects prioritize attracting new individual investors to dispose of overvalued tokens, rather than focusing on sustainable innovation. The current cycle has reached extreme speculation levels with little effort to conceal the lack of real development.
Memecoins initially emerged as a response to the dominance of venture capital-backed crypto projects. These institutional investors typically buy a large portion of a token in private sales, but abandon them to individual investors once public trading begins. Memecoins promised a fairer alternative, but fell into the same cycle of insider manipulation.
The collapse of LIBRA summarizes this trend. While traditional crypto projects at least disclose large token holders to the public, individuals within memecoin secretly accumulate supply, artificially inflate prices, and sell off at the peak, leaving ordinary investors with worthless assets.
The impact of these initiatives is very clear: individual investors fled, and even experienced crypto investors are losing their faith in the market. Excessive trust in memecoins as a quick profit tool is not only driving away new participants but also damaging the credibility of the field.
The developer of LIBRA confessed in an interview that the teams behind memecoins actively manipulate prices to maintain transaction volume. In Solana circles, such tactics have become an open confession. Koch warns that focusing on short-term gains instead of real benefits leaves the market directionless.
Although the current situation of altcoins may seem gloomy, according to the analyst, past market cycles indicate a possible comeback. Bottoming out of sentiment usually occurs before major rallies. Koch suggests that the meme coin frenzy may be necessary to shift the focus back to fundamentally strong altcoin projects.
For the cryptocurrency to regain momentum, the industry needs to prioritize real innovation over short-term speculation in order to restore confidence. Otherwise, the same pattern will be repeated, where new investors come, get exploited, and leave disappointed, making it difficult for the market to sustain long-term growth.