Memecoins suffer sharp declines, averaging 63.73% drop from peak values.
Increased trading volume contrasts with declining market capitalization in memecoins.
The cryptocurrency market continues to languish in a prolonged bearish phase, with major cryptocurrencies hitting new lows and altcoins suffering double-digit declines over the past week. The global market capitalisation currently stands at $2.02 trillion, reflecting a 1.39% decline, while trading volume has surged by 68% in the past 24 hours. Despite the increased trading activity, the memecoin space—a favourite among traders—has been particularly hard hit.
In the last week alone, Dogecoin (DOGE) has fallen by 12%, Shiba Inu (SHIB) by 11%, Pepe (PEPE) by 20%, Wifecoin (WIF) by 23%, Bonk (BONK) by 20%, and Floki (FLOKI) by 24%. Known for their volatility, memecoins have historically experienced significant highs and lows, but 2024 has not mirrored the successes of 2023.
Over the past year, the top 10 memecoins have lost an average of 63.73% from their peak values. DOGE has declined by 57.93%, SHIB by 70.86%, PEPE by 58.16%, WIF by 70.93%, BONK by 64.63%, FLOKI by 65.97%, Brett (BRETT) by 62.59%, Popcat (POPCAT) by 43.77%, Bome (BOME) by 79.48%, and Mew (MEW) by 62.99%, according to lookonchain.
What is Ahead For Memecoins?
In the past 24 hours alone, the overall memecoin market capitalisation has dropped by 5%. FLOKI hit a 13-day low of $0.00011481, DOGE reached a 25-day low of $0.09388, PEPE fell to $0.00000706—a 13-day low—WIF hit a two-week low of $1.38, and BONK declined to $0.00001667, a 25-day low.
Memecoin Tree Map, Source: Sanbase
Analysts suggest that memecoins will take time to recover as the market remains under pressure. DOGS, a new memecoin on the TON blockchain, emerged as the top loser, dropping 14% to $0.00001667, although its trading volume increased by 17%. The road ahead appears challenging for memecoins, with bulls likely to struggle in the near term.
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