Memecoin declined by 13% as launch heat fades

Memecoin (MEME) has been constantly declining over the past 24 hours as the heat around its launch has faded. 

The asset, brought to the crypto world by the 9GAG team, plunged by 13.44% in the past 24 hours and is trading at $0.02 at the time of writing. MEME’s total market cap rose to a whopping $256 million on Nov. 4, a day after its launch, but soon declined to $178 million.

Memecoin declined by 13% as launch heat fades

Data shows that Memecoin’s 24-hour trading volume has also plunged by 5% over the past day, closing to the $210 million mark.

On-chain data shows that the number of MEME holders has already reached 5,842 unique wallets, totaling 50,433 transactions. 

Moreover, data provided by the market intelligence platform Santiment shows that the social volume for the term “MEME” has declined by 99% since Nov. 4. Per Santiment, most of the discussions came from Telegram channels and groups, while Reddit had the least traffic.

Memecoin declined by 13% as launch heat fades

Interestingly, top exchanges such as Binance, OKX, Bybit, Bitrue, and DigiFinex have already listed Memecoin. Binance has the majority of the asset’s trading volume with the MEME/USDT trading pair — 44.8%, which accounts for over $96 million. 

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2023-11-06 13:14