The wild ride of memecoins appears to be hitting some turbulence as Bitcoin's resurgence captures traders' attention
The wild ride of memecoins appears to be hitting some turbulence as Bitcoin's resurgence captures traders' attention. Recent data points to a significant cooldown in the memecoin mania that gripped crypto markets earlier this year.
Transaction flows for memecoins across major blockchains like Ethereum and Solana have plunged a staggering 81% from their March peak of nearly $1 billion to just $191.88 million in the week ending May 3rd.
While a few outliers like Bonk (BONK) have managed to stay in the green, the vast majority of memecoins have struggled to keep pace with Bitcoin's bullish recovery.
Analysts attribute this divergence to the overall weak structure of the altcoin market and dwindling trading activity.
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