The entire memecoin market, which was valued at $63.5 billion, lost 5.9% of its value in the last day, with a trading volume of $8.69 billion. Almost all memecoins remained in the red, with the biggest losers being Mog Coin (MOG), Popcat (POPCAT), Brett (BRETT), and Neiro (NEIRO).
Bonk (BONK), dogwifhat (WIF), Dogecoin (DOGE), and Shiba Inu (SHIB) also saw a steep decline. The industry as a whole saw a significant crash after Bitcoin (BTC) dropped below $70,000, indicating a bearish trend.
CoinMarketCap data shows that MOG dropped 9.96% over the last day to $0.051927, down 20.88% from its peak of $0.052445, but the cryptocurrency has risen 28.77% over the last 30 days and is up 2775.73% since October 2023.
BRETT is currently trading at $0.08884, down 7.55% over the last 24 hours, down 53.95% from its peak of $0.1939, which was reached in June of this year. While BRETT has only increased by 1.81% in the last month, the memecoin has risen 129.67% since October 2023.
POPCAT and NEIRO also experienced losses. POPCAT fell 8.53% in the previous 24 hours and is trading at $1.52. Since October of last year, POPCAT has increased by 9290.67%, and it has increased by 56.69% in the previous 30 days. In the last 30 days, NEIRO has increased by 49.2%, but it has been down 22.7% over the last 14 days, dropping 10.8% to $0.001498.
DOGE and SHIB Records Losses
Both DOGE and SHIB, the two most popular memecoins, are currently trading at $0.1584 and $0.00001743, after falling 7.48% and 6.55%, respectively. DOGE is up 46.75% over the last 30 days and has increased 13.2% over the previous week.
With respective declines of 10.42% and 5.81%, WIF and BONK are currently trading at $2.31 and $0.00001983. Although BONK has dropped 19.59% over the previous 30 days, it has increased 2380.46% over the last year, and WIF has increased 1273.85% since October of last year.
Conclusion
The recent decline across the memecoin market highlights the volatility and speculative nature of these assets, with significant losses across nearly all major tokens, including Dogecoin and Shiba Inu. As Bitcoin dipped below the $70,000 mark, the memecoin sector saw intensified sell-offs, suggesting that it remains sensitive to Bitcoin’s broader market trends. Despite the current downturn,
some tokens, like MOG, POPCAT, and BONK, have shown impressive year-over-year gains, indicating that while they’re prone to steep fluctuations, they still attract speculative investment. However, the high volatility and unpredictable price swings in these tokens mean investors should exercise caution, especially during market corrections.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.