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Did Meme Coins Paralyze the Market? Crypto Giants Reminiscent of the 2018 Nightmare in Bitcoin! - Coin Bulletin
Market makers in the cryptocurrency space noted that the increasing popularity of memecoins has negatively affected the liquidity of Bitcoin (BTC) and other major cryptocurrencies, leading to market stagnation.
During last week's Consensus conference in Hong Kong, leading figures in the crypto market drew attention to the negative effects of memecoins on the crypto market. It was particularly noted that memecoins such as Donald Trump's TRUMP token and LIBRA token supported by Argentine President Javier Milei are draining liquidity from Bitcoin and other mainstream cryptocurrencies.
How do Memecoins affect the market?
Wintermute CEO Evgeny Gaevoy, stated that the market has reached saturation with memecoin launches and many crypto investors are tired of this situation. Gaevoy said, “Memecoins are diverting investors' attention and funds from major cryptocurrencies. This weakens the market's depth and liquidity.”
TRUMP token, released three days before Donald Trump's inauguration on January 20th, had reached a market value of $12 billion within 48 hours. However, its market value quickly dropped to $3 billion. Similarly, the LIBRA token also led to a $251 million investor loss.
Institutional investors and liquidity concerns
Abraxas Capital Management founder Fabio Frontini argues that memecoins should be banned, while Auros's commercial officer Jason Atkins expressed that memecoins demonstrate how fragile the liquidity pool in the market is. Atkins said, "The number of participants in the market is still low, and a single high-profile token launch can cause fluctuations throughout the market."
Stagnancy reminiscent of 2018 in BTC price
Many Consensus delegates, memecoin craze, and unusual price stagnation of BTC were expressed as an unhealthy market sign. Delegates noted that such narrow band ranges often result in downward movements. In a similar situation in 2018, a sharp drop occurred at the end of the consolidation.
The stagnant price movements of BTC, especially reminiscent of the September-October 2018 period. During that period, the price range had narrowed for consecutive weeks and eventually consolidated between 6,000 - 6,400 dollars.
Bitcoin and altcoin ETF approvals are expected
Consensus participants pointed out that the convergence of the memecoin craze with the stagnation in BTC price is an unhealthy market signal. However, Gaevoy expressed that positive regulatory developments could override this situation. Especially with the (SEC) management change at the U.S. Securities and Exchange Commission and the departure of Gary Gensler, hopes have increased for the approval of exchange-traded funds (ETF) based on altcoins such as Solana (SOL), XRP, Dogecoin (DOGE), and Litecoin (LTC).
Gaevoy, "The strict regulations imposed by the previous SEC administration are now a thing of the past. It wouldn't surprise me if Solana and other top 10 tokens (stablecoin hariç) get ETF approval**," he said.