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Amid a general downturn in the cryptocurrency market, meme coins have experienced notable losses over the past week. Dogecoin and shiba inu declined by 13.9% to 15.6% respectively in the last seven days, while presidential meme coins such as TRUMP and BODEN also suffered substantial double-digit losses.
Meme Coin Economy Stumbles Under $50 Billion
This year, meme coin crypto assets have garnered significant attention, coming close to their peak value recorded in 2021. Currently, the meme coin crypto economy’s total value is just under $50 billion, sitting at $49.93 billion.
Ten distinct meme coins experienced losses ranging from 40.7% to 74.8%. Among these ten, BEER, MOTHER, GME, ANDY, and PUPS were notable presidential meme coins. For example, maga (TRUMP) has dropped 49.7% this week, and doland Tremp (TREMP) is down by 44.3%. Just below the top ten meme coin losers in performance terms was jeo boden (BODEN), which decreased by 40.7% against the U.S. dollar.
Catwifhat (CWIF) fell by 35.8% over the past week, and super trump (STRUMP) saw a 34% decline in value. The leading meme coins, DOGE and SHIB, experienced losses of 13.9% to 15.6% respectively this week. Additionally, Bonk (BONK) fell by 18.8%, pepe (PEPE) decreased by 7.7%, and floki (FLOKI) declined by 17% over the past week. The Runes meme coin, known as DOG•GO•TO•THE•MOON (DOG), saw a 25% loss this week.
As meme coins flounder in a sea of red, the broader cryptocurrency market is grappling with volatility. This recent slump in meme coin valuations raises questions about their future sustainability. Is this just another market correction, or could it signal a possible peak for such speculative assets? As losses mount, the crypto community and investors might soon need to reassess the whimsical allure of meme coins.
What do you think about meme coins floundering over the past week? Share your thoughts and opinions about this subject in the comments section below.