Coinbase CEO Defends Meme Coin Sector Amid LIBRA Fallout
Coinbase CEO Brian Armstrong defended the meme coin sector, suggesting that even Bitcoin (#BTC) could be considered a "somewhat a meme coin." This comes amid scrutiny following the collapse of the LIBRA token, which involved a $4 billion pump-and-dump scheme, resulting in a $42 billion loss in the overall meme coin market over the last 30 days.
- Critics claim the LIBRA scandal marks the end for meme coins, with figures like Nic Carter asserting the sector is “unquestionably over.”
- Armstrong acknowledged meme coins' cultural significance despite admitting he does not trade them.
- Meme coins have been part of crypto since its inception, with Dogecoin (#DOGE) remaining popular.
- Armstrong compared the current meme coin landscape to the early internet, suggesting potential meaningful contributions to the blockchain ecosystem.
- He noted many meme coins are scams and emphasized the importance of building long-term value over short-term speculation.
Meme Coin Market Faces Massive Sell-off
The meme coin sector is experiencing a significant sell-off post-LIBRA fallout, with a current market cap of $67.4 billion. High-profile meme coins linked to Donald Trump, including OFFICIAL TRUMP (#TRUMP) and Official Melania Meme (#MELANIA), faced double-digit losses recently. Additionally, Solana-based meme coin platform Pump.fun saw a 60% drop in new token launches over the past month.