Messari Named Five Altcoins! They Crashed After Their ATHs! But Why?

The cryptocurrency analysis platform Messari has shared a new analysis on memecoins, which is one of the sectors that investors are most focused on.

Among the examined memecoins, there are also TRUMP and MELANI, which are the personal tokens of the US President Donald Trump and his wife Melania Trump.

Messari analysts who scrutinize memecoins with their sharp declines stated that five famous memecoins TRUMP, MELANIA, MOTHER, DADDY, and JAILSTOOL experienced severe drops after their rapid surges.

Messari noted that five famous memecoins have experienced an average drop of up to 80% from their ATHs.

Undoubtedly, the most remarkable of these is Trump’s own token TRUMP. After reaching its ATH in a short time, TRUMP experienced a decrease of more than 60%, while Melania Trump’s token MELANIA experienced a decrease of more than 80%.

Australian rapper Iggy Azalea’s token MOTHER and social media influencer Andrew Tate’s token DADDY both experienced drops of over 80% from their ATHs in June and July 2024.

Finally, the memecoin called JAILSTOOL, which played a significant role in the promotion by the founder of Barstool Sports, Dave Portnoy, experienced a decrease of approximately 85% from its ATH.

The decline of meme coins supported by celebrities reflects the risks inherent in speculative assets such as memecoins, while US Senator Elizabeth Warren, known for her anti-crypto stance, called for a federal investigation into TRUMP and MELANIA.

Investors are switching to other altcoins due to the high volatility and risks of memecoins, which is cited as the reason for the decline. Accordingly, investors are focusing on DeFi and RWA-based altcoins in recent times.