Market players say the meme coin frenzy has become exhausting. "Sentiment now is probably as low, or probably lower than the FTX collapse."

In recent years, the cryptocurrency market has seen the meteoric rise of “meme coins,” a category that blends humor, community engagement, and incredible profit potential. From Dogecoin’s fun beginnings to the recent explosion of Shiba Inu,

But the cryptocurrency launched late last year by viral phenom Hailey Welch was a perfect example of how so-called meme coins often work: A person with a public platform announces a new token, and early buyers rush in and see the value of their “investment” soar as others buy in later.