More money was lost on the launch of the Argentinian meme coin, LIBRA, than the winners made, according to new on-chain research by the crypto data firm Nansen.
Why it matters: It's a sign that meme coins have reached the dark phase where parasites dominate the market.
Zoom out: Another report released this month took a look at lots of political meme coins that came out, and found them overwhelmingly to be money losers that never recovered from whatever initial enthusiasm they mustered.
97% of them are 80% below their all-time high.
77% of all meme coins were Trump-related.
Yes, but: You could say the same of the whole crypto market. The top tokens cover most of the value. The long tail is (and always has been) mostly garbage. In fact, that's true about just about everything.
However, during the election, we followed the big tokens, such as BODEN and MAGA, and you really could see political events reflected in their price.
💠Brady's thought bubble: But that doesn't mean meme coins are good investments. Especially now that the robbers have their game down.
The meme coin space is full of pirates now. The fun days are over.
Worth your time: Lex Sokolin took a deep dive into the mechanics of how traders got fleeced with LIBRA.
