Are Memecoins Currently Draining Liquidity From the Market?

I have not paid attention to the memecoin area before to know their liquidity as I am focused on alt coins with real utility, until recently when I started looking into some memecoins to know their market cap and trading volume. I am sure you must have heard about the meme $PePe and $AIDOGE, these are the current trending memecoins on the arbitrum network. In less than a month these memecoins have accumulated over $400 million market cap together. These are just the popular ones, we know the unpopular ones that have been accumulating liquidity in the market also.

I have seen lots of other meme coins that have 23X since they launched, they have been pumping and lots of people are flooding into the space, because that is where and how to make quick money right now. Although it comes with a risk, just as there are the genuine coins we also have the rug coins. Rug coins are project that are built by the developers for the sole purpose of rigging it, meaning, draining the liquidity and taking it all, just for theirselves.they come with some sweet adverts and promises, entices people into investing while they own a big portion of it, then dump it.

But I am not talking about those rug meme coins draining liquidity, I am talking about the genuine ones that got a lot of investors attention into investing in them and ignoring alt coins with real utility and value. Lots of people are selling their alt coins to invest in memecoins, with the intention of buying their alt coin back when their memecoin money pumps. it started towards the ending of May but its becoming more rampant as more memcoins are coming up and having investors jump from one memecoin to another with the intention of maximising their profit. Look at memecoins having $200 Million market cap with no utility or use caee but just investors having fun pumping and dumping their coins all because of hype. Meanwhile we have real alt coins with lesser liquidity because of the lack of hype.