The meme coin market cap dropped from $55.04 billion to $48.10 billion and MemeFi FUD is at an ATH, but Murad must have some chronic hopium in his pipe.
TL;DR
- Elon Musk’s Grok went full degen
- Meme coin FUD at ATH
- U.S. CPI came in lower than expected
- Solana revenue dropped by 93%
- TRUMP token-related accounts made $350M
Meme Coin Snaps
Still here? Well done and welcome from the bottom of the trenches. Here’s what is happening in the half-forgotten realm of meme coins.
Elon Musk’s AI model Grok has been fueling the latest meme coin hype while entertaining and interacting with degens.
- We are being told by one of the pros to have more patience and less drama, but SER your bags are big!
7-Day Meme Coin Market Snapshot
The meme coin market cap dropped from $55.04 billion to $48.10 billion and MemeFi FUD is at an ATH, but Murad must have some chronic hopium in his pipe. Who is his dealer?
The top meme coins mostly went sideways but some tokens still had good gains even in this market.
Source: CoinMarketCap
The crypto majors, Bitcoin, Ethereum, Solana, XRP and BNB, saw a temporary relief rally from lower-than-expected U.S. CPI inflation but it was unfortunately short-lived—though Rekt Capital seems optimistic about this move.
Source: CoinMarketCap
Meme Coin Market vs Other Crypto Sectors
DeFiLlama's Narrative Tracker showed that memes were ranked 12th and outperformed Ethereum.
The 30-day trajectory continued its decline and we’re now down about 30%. Max Pain!
Source: DeFiLlama
Top 20 Meme Coin Leaderboard
While the top meme coins struggle to keep their head above water, Base tokens have been cooking as even top Solana KOLs capitulate.
Meme Coin Charts: 7-Day Insights
The meme coin sector is getting REKT while Forbes compares it to the wild oil booms of the 19th century where people poured their life’s savings into unproven wells hoping to hit the jackpot.
Biggest Gainers
- Toshi (TOSHI): +20.35%
- Cheems (CHEEMS): +10.14%
- Act I : The AI Prophecy (ACT): +2.11%
- Pepe (PEPE): +0.69%
Biggest Decliners
- ai16z (AI16Z): -40.80%
- SPX6900 (SPX): -29.80%
- Brett (BRETT): -24.98%
- OFFICIAL TRUMP (TRUMP): -19.26%
- FLOKI (FLOKI): -17.62%
Meme Coins by Chain
BSC Memes
- Cheems (CHEEMS) gains 10% while feeling sad about the market.
- CZ’S Dog (BROCCOLI) surges by 35% and is proud of its community.
Solana Memes
- Pwease (PWEASE) soars by 50% and its mindshare is going mental!
- Act I : The AI Prophecy (ACT) is up 2.11% while leading a rebellion.
Ethereum Memes
- Pepe (PEPE) shows modest gains of almost 1% and their X account has been hacked so ignore all links and tweets from their account until further notice.
- Amaterasu Omikami (OMIKAMI) rises by 10% and they are unstoppable.
Base
- Keyboard Cat (KEYCAT) soars by 60% as they partner with Acheron Trading.
- doginme (DOGINME) surges by 30% while their doginme AI image generator is now live.
Meme Coin News
Solana Revenue Down 93%
Solana’s network revenue has dropped by 93% from its January peak as the meme coin hype that drove its growth has faded. Weekly revenue on the blockchain fell from $55.3 million in mid-January to just $4 million last week, returning to September 2024 levels, according to DefiLlama data.
Decentralized application (DApp) revenue on Solana has dropped 86%, from $238 million to $32 million over the same period. The total value locked (TVL) in Solana's DeFi ecosystem has also halved, declining from over $12 billion in January to approximately $6.4 billion. Pump.fun saw daily revenue plummet 95% from its $15 million January high to $800,000 in early March.
The euphoria peaked when Donald Trump and Melania Trump launched their respective meme coins (TRUMP and MELANIA) in mid-January. However, both tokens have since crashed, with TRUMP down 86% and MELANIA losing 95% of its value. Was Trump supposed to pump or rug crypto?
Grok-Inspired Meme Coin
Elon Musk’s AI chatbot Grok has unintentionally sparked a meme coin frenzy. Its self-named GrokCoin reached a market cap of around $35 million and $100 million in trading volume within an hour of launch but dumped soon after.
It all started when an X user asked Grok what it would name its own meme coin. Grok responded with “GrokCoin,” calling it catchy and aligned with internet meme culture. There were also other “Grok” meme coins launched like Grokster.
Most of the “Grok” meme coins have been pumped and dumped except DRB which is still holding fairly well, for now.
Trump-Linked Accounts Earn $350M
Donald Trump’s Official Trump (TRUMP) meme coin has reportedly generated at least $350 million in revenue, according to a Financial Times analysis. Entities involved in the project have earned $314 million from token sales and $36 million from fees.
While Trump’s personal profits remain unclear, his affiliates, including CIC Digital and Fight Fight Fight, control 80% of the tokens, according to the project’s website. Good luck getting more information about these two entities.
The Financial Times traced earnings by tracking token movements from minting to sales, Analysis suggests that Trump-linked accounts sold 100 million tokens at under $1.05 each, then reinvested $291 million in USDC into liquidity pools, possibly to support the market.
Source: FT
Trump-affiliated wallets purchased TRUMP tokens for $33.20 after a price dip following the launch of Melania Trump’s MELANIA meme coin. Despite TRUMP’s 82% decline from its peak of $75, the 831 million tokens still held by Trump-affiliated accounts are valued at about $10.8 billion.
Source: FT
What Can You Do Next?
- DYOR before aping any celebrity tokens, so far they have all pumped and dumped.
- Don’t just focus on one chain, take note of other coins that are currently doing well.
- Meme coins are extremely volatile. Make sure to have a diversified portfolio.
- Consider reinvesting some profits into safer crypto tokens or stables.
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