A recent report by the New York Federal Reserve has revealed a concerning trend in US credit card debt, with the percentage of loans in serious delinquency reaching its highest level since 2012. This surge in debt could have far-reaching implications for the economy and speculative activities, including the popularity of meme coins.

The data shows that 10.69% of credit card loans are now in serious delinquency, with balances outstanding for over 90 days. While the total balance has decreased by $14 billion to $1.12 trillion in the first quarter, it remains 13.1% higher than the previous year. This increase in debt could lead to a decrease in disposable income, making consumers less likely to invest in risky assets like meme coins.

Meme coins, such as DOGE, SHIB, and WIF, have already experienced a significant decline in value over the past four weeks, dropping over 20% against Bitcoin's 2.4% decline. This trend may continue as consumers become more cautious with their finances.

However, some experts believe that "degens," or high-risk speculative traders, will continue to drive the market despite mounting debt levels. According to Qiao Wang, "degens" are financial risk-takers who are brave enough to try unproven products and are committed to the projects and communities they invest in.

The rise in credit card debt and delinquencies is a concerning indicator of consumer financial health, and its impact on speculative activities like meme coins is yet to be fully seen. As the economy continues to evolve, it's essential to monitor these trends and their effects on the market.