@8blocks.base.eth

CoinGecko analyst Shaun Paul Lee points out that memecoin prices fell sharply after the events of October 10. But the problem is not October. And it is not crises or Black Swans either. Meme coins, like many other tokens, fall for a much simpler reason. They have no utility. They are simply not needed. Demand for meme coins is driven by marketing budgets and market makers. As soon as the cost of keeping a meme alive exceeds the revenue from its trading, teams don’t improve the product. They launch a new meme. Crises can accelerate the fall to zero. But tokens stay there not because of macro events, but because of their irrelevance. We have already covered this earlier. Now look at the scale. 🤯 11.6 million tokens launched in a single year. That is 31,780 tokens every day. No weekends. No holidays. At that pace, you barely have time to come up with a name, let alone build real tokenomics.

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