The mighty Elon Musk, Tesla’s captain, has likened meme coins to a “casino,” spitting out the truth like a farmer spits out bad tobacco.
He sees their charm, sure, but warns folks not to toss their hard-earned dough into these wild, risky rides.
Musk Tears into Meme Coin Frenzy
On The Joe Rogan Experience, Musk didn’t sugarcoat it. He said betting on meme coins is as foolish as betting on a slot machine.
“Think you’ll win with meme coins? Think again, buddy. You’re not striking gold with those. Keep your life savings away from the meme coin circus,” he quipped.
Yet, here’s the twist: Musk is the ringmaster of this meme coin circus. His tweets have sent Dogecoin (DOGE) soaring like a rocket, more times than one can count.
Just a nod to the “Dogefather” and tokens shoot up faster than a jackrabbit on a hot griddle. Changing his name to “Kekius Maximus” or “Harry Bōlz”? That’s pure rocket fuel for prices.
This Musk dichotomy—both the spark and the scold—makes his casino comparison hit home, especially when you see the sorry odds for meme coin glory.
Meme Coin Fever Cools as Pump.fun Fizzles
Take Pump.fun, a Solana-based launchpad for these wacky coins. Dune’s data shows tokens popping up less and less since late January. And fewer still make it to Raydium, the decentralized exchange promised land.
An analyst noted, in January, 24,008 tokens hit Raydium. By late February, that number dove to 11,532. Quite the drop, folks.
In the last 24 hours, 29,499 tokens were born, but only 235—about 0.80%—made it to Raydium. The weekly rate? A measly 1.08%.
And for those that do make it, hitting a big valuation is like finding a needle in a haystack. CoinGecko’s data reveals that meme coins hitting a $1 billion market cap are rarer than hen’s teeth. Over 8.2 million tokens since Pump.fun began, and not a single billionaire coin in sight.
Only four have topped $100 million: Fartcoin (FARTCOIN) at $330 million, AI Rig Complex (ARC) at $230 million, Peanut the Squirrel (PNUT) at $219 million, and Act I The AI Prophecy (ACT) at $185 million. Quite the motley crew.
Meanwhile, Pump.fun’s users are getting weary. Active and new users are down. The meme coin party, it seems, is winding down.
Read More
- NFP PREDICTION. NFP cryptocurrency
- NRN/USD
- ONT PREDICTION. ONT cryptocurrency
- WIF PREDICTION. WIF cryptocurrency
- PUFF PREDICTION. PUFF cryptocurrency
- WLD PREDICTION. WLD cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
- XRD PREDICTION. XRD cryptocurrency
- AI PREDICTION. AI cryptocurrency
- ATH PREDICTION. ATH cryptocurrency
2025-03-03 14:07