“The hype of meme coins is usually exciting, but often followed by a market crash, similar to what we saw with DOGE and SHIB two years ago,” said Youwei Yang, chief economist at publicly traded bitcoin mining company, BTCM. “The market correction for memecoins this week is largely due to the calm down of the FOMO (fear of missing out) sentiment with these new memecoins.”
Source: https://www.coindesk.com/markets/2023/05/12/bitcoin-loses-10-on-the-week-as-memecoins-tumble/?utm_medium=referral&utm_source=rss&utm_campaign=headlines