According to Cas Abbé, the $LIBRA scam appears to have marked the decline of the memecoin hype. Traders are increasingly moving away from memecoin pump-and-dump schemes and are reallocating their portfolios towards utility coins. This shift is reflected by the rise in popularity and value of several Layer 1 (L1) and DeFi tokens, which are now showing significant gains compared to memecoins, as reported by Cas Abbé.