PANews reported on February 26 that Geoff Kendrick, head of digital asset research at Standard Chartered Bank, pointed out in an analysis that the depreciation of Bitcoin is partly due to the frenzy in the Meme coin market. Although Bitcoin is not directly related to this market, a series of Meme coin scandals are undermining investors' trust in the entire cryptocurrency ecosystem. This trend is particularly unfavorable for altcoins, with Solana and Ethereum falling 41% and 28% respectively so far this month.