This Crypto Boss Launches New Exchange After Bankrupting

Previously, during the first half of 2024, meme coins were in the spotlight, captivating the crypto world with their unique charm. However, the excitement seems to have died down towards the latter half of the year.

As reported by Bitcoin.com, Tuesday (20/8/2024), according to Google Trends, searches for “meme coins” have decreased significantly, and since May 21, the meme token market has experienced a sharp decline with a value of more than USD 20 billion or equivalent to Ro 303.8 trillion (assuming an exchange rate of IDR 15,690 per US dollar).

Google Trends gave a peak score of 100 for the search term meme coin during March 10-15, 2024. Currently, the score has plummeted to just 22. This week, the remaining bases of interest in meme tokens are Nigeria, Somalia, Kosovo, St. Helena, and Cyprus.

In addition to the search interest dropping from 100 to 22 since March, the meme token economy has also lost a significant amount of value since May. Historical data shows that on May 21, 2024, the meme coin market was worth USD 59.62 billion or equivalent to IDR 935.4 trillion.

Fast forward to today, and that figure has dropped to $39.59 billion, a staggering loss of $20.02 billion in just 89 days.

While meme coins had a strong start to 2024, the second half of the year was less kind to these tokens, whether themed around humor, celebrities, or presidential candidates.

Losing $20 billion in less than 90 days is no easy feat, and the future of the meme coin market remains uncertain.

As Google Trends shows, the once-strong interest in the sector is now waning, with investors seemingly shifting their focus to other areas of the crypto market.