In 2024, the memecoin market experienced a surge in popularity but struggled to maintain the high valuations seen earlier in the year. Well-known tokens such as Dogecoin, Shiba Inu, Pepe, and Dogwifhat have seen significant drops, with average declines around 63% according to data from Lookonchain released on September 2. The influx of new tokens has dramatically changed the landscape. Safe-launch platforms like Pump.fun and BaseJump have simplified the coin launch process by removing many of the technical and financial barriers that once existed, leading to a flood of new entries into the market and heightening competition within the memecoin
