The total market value of meme coins decreased by 30% in December, indicating a decrease in interest in meme-based tokens. According to CoinMarketCap data, the market value of meme coins was $120.14 billion on December 1, while this figure increased to $137.06 billion on December 9. However, on December 23, the market value decreased to $92.67 billion.
Meme Coins Drop 30%
The total market value of meme coins decreased by 30% in December, indicating that demand and investment interest in meme-based tokens has decreased. According to CoinMarketCap data, the total market value of meme coins was $120.14 billion on December 1. This figure had reached as high as $137.06 billion on December 9, but dropped to $92.67 billion on December 23. This represents a 32.38% decrease in market value for the month. As of now, the total market value of meme coins is $98.72 billion, which is 18% lower than at the beginning of the month.
Pepe, the memecoin ranked third by market value, reflects the general price movements in the meme coin market. Pepe, which rose to $ 0.000026 on December 9, fell to $ 0.000017 on December 20. On December 4, Binance.US listed Pepe, aiming to increase its share of the meme coin market on US-based cryptocurrency exchanges. In addition to Binance, Coinbase also listed tokens such as Moodeng (MOODENG), Mog (MOG), WIF and Dogwifhat.
Pepe’s Rise and Binance Effect$PEPE
After Binance listed Pepe on its US arm, the Pepe token’s price reached an all-time high. On December 7, its market cap reached $13.36. At the beginning of 2024, Pepe’s market cap was around $591 million. However, after the listing, the token’s market cap exceeded $11 billion, marking an 18-fold increase since the beginning of the year.
Throughout the year, experienced traders have made huge profits by investing in the Pepe meme coin. In April, a trader spent $3,000 to buy the meme-based token. A month later, the token had increased by 15,000 times, bringing the trader’s Pepe holdings to $46 million. In December, a trader who spent $27 to buy Pepe tokens and remained inactive for about 600 days finally touched his assets. The wallet transferred about $52 million worth of Pepe tokens to a new address. According to onchain analytics firm Lookonchain, the trader made a profit of 1,900,000 times on his investment.