Amid the ongoing broader market correction, investor interest in meme coins has considerably declined, hitting a few of the hottest tokens the hardest.
Per market information, BOOK OF MEME (BOME), dogwifhat (WIF), and Shiba Inu (SHIB) have been amongst the most affected, experiencing extreme drops in worth over the previous 12 months.
Solana-based meme coin BOME has confronted one among the steepest declines, plummeting almost 97% from its 52-week excessive of $0.02805 to a low of $0.000858. At the moment buying and selling at $0.005756, BOME has misplaced about 79% of its worth from its peak.
WIF, one other Solana-based meme token, additionally suffered appreciable losses. From a excessive of $4.85, WIF dropped to simply $0.0677, marking a staggering 98.6% decline. Its present worth of $1.41 represents a 70.93% lower from its peak.
In the meantime, SHIB, the second-largest meme coin by market cap, has not been spared. It fell from a 52-week excessive of $0.00004534 to a low of $0.00000688, down 85.25%. At the moment altering arms at $0.00001321, SHIB remains to be down 70.86% from its peak.
Total, the meme coin market cap has slumped since reaching a excessive above $65 billion on Might 30. It peaked this 12 months at over $69 billion in early March earlier than dropping alongside the remainder of the cryptocurrency market.
A short surge to $43.79 billion in late August proved unsustainable. As of now, the meme coin market cap has declined to $38.9 billion, making up 18% of the complete international crypto market cap, which stands at $2.12 trillion, based on data offered by CoinGecko.
Different tokens resembling Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI), have additionally skilled declines, although much less extreme. Regardless of the downturn, meme coins nonetheless command huge consideration. The success of current TRON-based meme coin tokens launched with SunPump is proof of this elevated consideration.
