TechFlow News, February 24 — According to Jinshi News, Nic Pucklin, founder of The Coin Bureau, said that investor sentiment may have now dropped to levels similar to or even lower than during the FTX collapse, with daily launches of meme coins and celebrity-driven hype becoming increasingly common.
Pucklin added that profits from these trades are rarely reinvested back into the crypto ecosystem. "These funds aren't being used to develop innovative products that solve real-world problems—the very promise we all believed in for crypto and blockchain," he said. He estimates that $6 billion in crypto liquidity has already been drained from the ecosystem due to meme coins.
Meme coin trader Vic Laranja stated that meme coins are no longer about community, fairness, or resistance against venture capitalists; instead, they've evolved into an industrial complex designed to extract as much value as quickly as possible—diverging from their original intent. Laranja believes clear regulations will be the catalyst to propel the crypto space into its next phase. Until then, he says, market sentiment has already hit rock bottom.
