Memecoin Market Peak, Stabilizes$DOT $NEAR $AVAX

The GMCI Memecoin Index, a benchmark that tracks major meme tokens by market cap, is showing a cooling trend. After a sharp rise from 274.5 on November 1 to a peak of 523.5 on November 15, the index has now stabilized around 500. At press time, the index was 512.36, reflecting a slight decline from earlier highs.

The rise in memecoins in mid-November was driven by exchange listings that temporarily boosted prices. However, changing market conditions have dampened enthusiasm as investors explore alternatives such as microcap tokens, AI-powered coins, and DeFi.

Market analyst Daan Crypto Trades noted that while the total market cap of memecoins has grown from $57 billion to $123 billion in one month, their share of the overall cryptocurrency market has grown modestly, from 2.5% to 4%. This phase of rapid growth is now accompanied by signs of investor fatigue.