tl;dr
The article discusses the decline of meme coins in the cryptocurrency market, with industry figures expressing skepticism and criticism. Coinbase CEO Brian Armstrong warns against illegal insider trading and notes the speculative nature of meme coins. Bitcoiner Nic Carter dismisses meme coins as hav...
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Meme coins facing criticism and plummeting values as crypto executives express concerns The decline of meme coins in the cryptocurrency market has seen industry figures expressing skepticism and criticism. Coinbase CEO Brian Armstrong warns against illegal insider trading and notes the speculative nature of meme coins. Bitcoiner Nic Carter dismisses meme coins as having no purpose and predicts their demise. The top five meme coins have seen significant drops in market capitalization.
The article also mentions the decline of the Solana network due to the fading popularity of meme coins.
"Some meme coins have clearly gone too far lately, to the extent people are insider trading," said Coinbase CEO Brian Armstrong, before adding, "This is illegal, and people should understand that you will go to prison for this."
"Meme coins are a canary in the coal mine that everything will be tokenized and brought onchain," he said.
"Meme coins are unquestionably over," said Bitcoiner Nic Carter. He added that they "had no purpose beyond their launch mechanic," which was supposed to be a "fair launch," benefiting retail as much as venture capital giants.
"Retail will still be farmed here as many are not extremely online and unaware of how extractive the sector is, but the endless coterie of scandals in memecoin land will turn off the smarter investors and eventually the mass market."
As meme coins continue to plummet, the top five memes by market capitalization are all heavily down from their all-time highs. Dogecoin (DOGE) is down by 65%, Shiba Inu (SHIB) has lost 82%, PEPE has plunged by 66%, TRUMP has tanked by 77%, and both BONK and FLOKI are 73% down from their peak prices. The Solana network has also been heavily affected by the decline of meme coins.