A survey conducted by Chainplay in collaboration with Storible found that politically-themed memecoins like TRUMP, LIBRA, and CAR attracted many first-time crypto investors, but also resulted in significant losses and disillusionment. Nearly 80% of the 1,066 crypto investors surveyed purchased these memecoins, with 37% being first-time buyers drawn in by political relevance and viral marketing. However, around 21% of these investors quit crypto after their experience with these coins. The study report suggests that the high volatility, rapid pump-and-dump cycles, and lack of sustainable value of memecoins may have turned many newcomers away from the market. The president-endorsed memecoins have seen their value plummet, resulting in steep losses for holders, with two-thirds of investors losing money. The losses for TRUMP investors amounted to $3.6 billion, while three-quarters of LIBRA investors were at a loss. The study concludes that while memecoins tied to political figures can attract mass participation, they also expose investors to the speculative nature of the market and may hinder broader adoption and trust in digital assets.



Other News from Today