As a seasoned analyst with over two decades of experience in the financial markets, I can confidently say that the current state of the meme coin market is reminiscent of a rollercoaster ride – one that has taken an unexpected dip. The declines experienced by popular tokens such as BOME, WIF, and SHIB are noteworthy, with some dropping by over 97%.
As the stock market adjusts itself, there’s been a noticeable drop in investor enthusiasm for meme coins. This downturn has particularly affected the more well-known meme tokens.
According to market information, Book of Meme (BOME), Dogwhistle (WIF), and Shiba Inu (SHIB) have taken significant hits, witnessing substantial decreases in worth throughout the last year.
Over the past year, the top 10 #MEMEcoins have dropped an average of 63.73% from their peak.$DOGE: -57.93%$SHIB: -70.86%$PEPE: -58.16%$WIF: -70.93%$BONK: -64.63%$FLOKI: -65.97%$BRETT: -62.59%$POPCAT: -43.77%$BOME: -79.48%$MEW: -62.99% — Lookonchain (@lookonchain) September 2, 2024
The meme coin built on the Solana platform, known as BOME, has experienced one of the sharpest drops, falling approximately 97% from its highest point in the past year at $0.02805 to a low of $0.000858. At present, it’s trading at $0.005756, meaning it has shed around 79% of its peak value.
Apart from WIF, another meme token built on the Solana network, has experienced significant losses. The coin, which previously reached a high of $4.85, plummeted to $0.0677, indicating an astounding 98.6% drop. At present, its price stands at $1.41, reflecting a 70.93% decrease from its peak value.
In recent times, Shiba Inu (SHIB), the second-largest digital currency based on memes and with a significant market capitalization, has faced a setback. It plummeted from a high of $0.00004534 reached within the past year to a low of $0.00000688, representing a decrease of 85.25%. At present, SHIB is being traded at around $0.00001321, which is still 70.86% lower than its all-time high.
To put it simply, the total value of meme coins, which hit a record of more than $65 billion on May 30, has declined significantly since then. This year, it reached an all-time high of over $69 billion in early March, but subsequently dropped in tandem with other cryptocurrencies.
Initially, a spike to approximately $43.79 billion in late August wasn’t long-lasting. Currently, the market capitalization of meme coins has dropped to about $38.9 billion. This represents 18% of the entire crypto market cap, currently valued at around $2.12 trillion, as indicated by data from CoinGecko.
Other digital currencies like Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI) have also seen drops, albeit less drastic ones. Even amidst the current dip, meme coins continue to garner significant interest. The recent success of meme coin tokens on the TRON network, such as those launched with SunPump, underscores this growing attention.
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2024-09-02 13:14