Memecoin Market Value Drops to $31.9 Billion Amid Market Downturn

The memecoin market has experienced a significant decline, with its total market value shrinking to $31.9 billion, analyst @ai_9684xtpa posted on X. Despite the recent popularity of BSC Meme, data from DeFILama indicates that while it remains a leader in terms of TVL, 7-day fees, and 7-day revenue, these figures have slightly decreased due to market conditions. Interestingly, Flap has seen an explosive increase in the number of tokens created since January 16, reaching a peak of 9,644 tokens created in a single day on January 30, which is more than four times the previous peak. However, the growth in internal trading volume has not kept pace, and TVL has noticeably declined since January 29. This suggests that the surge in token creation has not effectively translated into real trading or capital inflow. The data shows that while the number of tokens created is relatively low, the trading volume is reasonable, indicating a more balanced situation. This raises curiosity about whether Flap has introduced new features or incentives for token creation.