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Summary

The memecoin sector has experienced a significant decline of 25.52% in the last 30 days, following a period of heightened market attention driven by celebrity meme token shillings in May 2024.

Introduction

In May 2024, the memecoin sector garnered widespread market spotlight with a surge in activity, leading to notable fluctuations in the overall market. However, recent downward price trends and decreased market hype indicate a potential slowdown in the memecoin season.

Main Points

According to Dune Analytics data, memecoins have seen a 25.52% decline in the past month, signaling a lagging market signal. Noteworthy events include Pepe hitting a new all-time high and surpassing Dogwifhat to become the third largest memecoin. Despite these peaks, the sector has witnessed price dips, with tokens like Dogecoin and Shiba Inu also experiencing declines.

Celebrity memecoin shillings, including those tied to Hulk Hogan and Donald Trump, initially fueled market excitement but have since tapered off. Rug pull incidents and a lack of sustained activity have contributed to a quieter period in the memecoin sector, shifting market attention away from these tokens.

Conclusion

The decline in memecoin dominance in alt markets, coupled with a move towards fundamental analysis, suggests a shifting landscape within the sector. As market dynamics evolve, the future of memecoins remains uncertain, with recent trends indicating a potential slowdown in the once-booming celebrity memecoin mania.

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