The cryptocurrency market has seen a shift in sentiment following the collapse of the memecoin $LIBRA, which has led to significant losses for investors. Many in the crypto community are now advocating for a move away from memecoins, which are often likened to gambling due to their high risk and lack of underlying value, towards cryptocurrencies with more utility and fundamental value. The $LIBRA rug has been a stark reminder of the dangers of investing in memecoins, with some comparing the situation to a $TRUMP type of run, where high expectations lead to devastating losses. Observers note that the rapid rise and fall of memecoins like $LIBRA, $TRUMP, and $MELANIA, where insiders and key opinion leaders (KOLs) reportedly hold large amounts, has led to a growing disillusionment among retail investors. This has been described as Financial Nihilism, with some questioning the value of memecoins beyond creating a 'PvE' environment. The sentiment is that memecoins are as extractive as low float, high fully diluted valuation (FDV) venture capital-backed coins. There is a consensus forming that the future of cryptocurrency investment should focus on community-first projects with real-world applications and sustainable models, rather than speculative memecoins. The rapid cycles of memecoins have been likened to a game of chicken, with the latest being referred to as a 'pump-and-dump cycle'. Some anticipate a dead cat bounce for larger memecoins like $TRUMP, but believe the peak of the memecoin trend has already passed.