Emre Yumlu 
Trump’s TRUMP memecoin, launched on January 18, boosted memecoin activity, but it saw a decline after the “Libragate” incident.
Memecoin Madness: LIBRA and Poor Launches Cooling Investor Interest
According to CoinGecko founder Bobby Ong, interest in memecoins appears to have cooled due to bad launches and rug pulls. In a March 6 report, Ong noted that metrics for the Pump.fun platform dropped by 90% following the Libra (LIBRA) rug pull. The launches of TRUMP and MELANIA marked the peak of this trend, as liquidity was drained from other cryptocurrencies.
At the time, Pump.fun reached an all-time high of $3.3 billion in weekly trading volume, but volumes fell by 63% from January to February. CoinMarketCap data shows that the total market cap of these coins dropped from $124 billion to $54 billion.
Ong stated that after Libra’s launch, insiders cashed out $107 million, wiping out 94% of the token’s value, which ended the memecoin craze.
Seasonal, But Survivors May Endure
Ong notes that while these coins are “always going to be seasonal,” some will continue to survive despite fluctuating market cycles.
In February, onchain analytics platform Santiment observed that interest in memecoins had waned, with attention shifting back to Bitcoin, Ether, and other layer-1 altcoins, signaling a healthier market cycle for crypto.
Ong speculates that the market may be heading toward an “extreme case of power law,” where 99.99% fail, and a few coins rise to the top and endure.
“Coins like DOGE, SHIB, and BONK have weathered market cycles and offer lessons for memecoin creators looking to build long-term assets,” Ong said.
“The most successful memes are those that have managed to build cult-like communities, passionately dedicated to a cause, who won’t sell and can create content or stories organically.”
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