Institutional Influx Sinks Memecoin Craze

Crypto's institutional influx has killed the memecoin craze, CoinDesk reports. The influx of institutions into the crypto market has led to a shift away from speculative and high-risk assets like memecoins.

The report notes that while some investors have benefited from the rise of memecoins, such as Dogecoin (DOGE) and Shiba Inu (SHIB), others have lost significant amounts. The decline in popularity of these coins is attributed to the growing presence of institutions in the market.

CoinDesk points out that this trend is not new and has been observed before. The publication mentions that the same phenomenon occurred during the 2017 cryptocurrency boom, when institutional investors began to enter the market.