Retail sentiment is at new lows in the cryptocurrency market. With Bitcoin dominating over 60% of all altcoins and many others trailing behind like lame horses, it’s no wonder that retail confidence has plummeted. A once high-innovation, rapid-fire space is now a breeding grounds for scams and burnout.
Markets have seemingly lost their way after more than a decade’s worth of development and growth. They are chasing myths, and they prioritize short-term gain over long-term growth.
Alejandro Navia posted as the Co-founder NFT Now.
After 10 years of being in crypto and trading, I need to address what’s currently happening in our space. This isn’t just another market cycle – it’s something far more concerning.”
Renowned macro analyst and investor Lyn Alden commented:
“Many cryptocurrency applications lack economic foundations on a large scale. This is why, after four cycles or so, altcoins are no longer a narrative. “memes” The joke here is that the game is all about player vs. player and there’s no story.”
Real projects can’t compete with pump-and-dumps
The problem is multifaceted. Meme coin trading has become a 24/7 sprint, where investors are “late” if they haven’t aped into a token within 15 minutes of its launch, and long-term holding is a matter of hours. Just ask the 800k Official Trump coin investors who lost over $2 billion as the token dumped 65% just hours after launch.
The break-neck window for meme coin gains has created a culture rife with FOMO and poor investment decisions. Scams and rug pulls have become rampant, and honeypots and outright frauds are “staggering” in number.
According to Navia, even experienced traders are burning out from the constant rotation and endless parade of “next big things,” while real projects struggle to compete with pump-and-dumps. “We’re burning out builders who are chasing a dragon that doesn’t exist. Real projects can’t compete with pump-and-dumps masquerading as “communities.”
Crypto market needs a return to fundamentals
How do we make crypto great again (MCGA)? The market needs to return to fundamentals; a focus on sustainable growth rather than chasing quick profits. Supporting real builders and projects with genuine use cases is crucial for the long-term health of the market, and community-driven accountability is essential in weeding out scams.
“We need to start having honest conversations about where we’re heading,” he says, “It’s going to get worse before it gets better.”
Published in: Market, Memecoins, Adoption and Crypto. The Author 
Christina Comben
Christina is a web3 writer, editor, and content manager with a passion for technology and starting important conversations. As an industry OG, she’s not phased by market volatility and frequently scrimps on Starbucks to BTFD.
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