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The bubble in the meme coin market is bursting.
In early 2025, when US President Trump issued the TRUMP coin, a wave of speculation swept through the market. The legend of "100x coins" spread everywhere, attracting a large number of retail investors. Amid this hot streak, a lawsuit storm faced by a leading meme coin issuance platform also surfaced.
The turning point occurred recently. The platform's co-founder and COO have not updated their social media accounts for over a month. For someone accustomed to frequent interactions and real-time market updates, this silence is particularly suspicious.
Data tells everything. According to on-chain data, the platform's weekly trading volume plummeted from a peak of $3.3 billion in January to the current $481 million—more than an 80% drop. Accompanying this, the platform's token price also fell from its all-time high to $0.0019, a retracement of 78%.
Remember a few months ago? In mid-July last year, the token public sale launched by the platform sold out in just 12 minutes, raising about $600 million, pushing the entire market sentiment to a peak. Investors rushed to buy in, and exchanges were crowded.
From the hot market at the beginning of the year to the current coldness, the entire narrative has undergone a dramatic change. Those who once promoted "certain rise" have gradually disappeared, replaced by doubts about the platform's compliance and operational risks. The market has given the answer in the most direct way—through trading volume and coin price.