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Over the past year, the top 10 meme coins have experienced significant losses, according to data shared by Lookonchain, a smart money tracker on X.
The analysis reveals that these meme coins have dropped an average of 63.73% from their peak values. This drop notably coincides with a rise in PolitiFi meme coins, largely attributed to the upcoming U.S. presidential elections. Additionally, SunPump and Pump.fun tokens have recently taken the attention of traders.
52-Week Highs and Lows
Notably, Dogecoin (DOGE) saw a high of $0.2266 and a low of $0.05747, reflecting a 74.64% drop from its 52-week peak.
Over the past year, the top 10 #MEMEcoins have dropped an average of 63.73% from their peak.$DOGE: -57.93%$SHIB: -70.86%$PEPE: -58.16%$WIF: -70.93%$BONK: -64.63%$FLOKI: -65.97%$BRETT: -62.59%$POPCAT: -43.77%$BOME: -79.48%$MEW: -62.99% pic.twitter.com/GzRNI4dYaB
— Lookonchain (@lookonchain) September 2, 2024
Shiba Inu (SHIB) experienced an even sharper decline, with a peak at $0.00004534 and a low of $0.000006688, marking an 85.25% decrease. PEPE faced one of the steepest drops, plummeting from $0.00001718 to $0.0000006071, a 96.47% reduction.
Current Market Performance
Despite these substantial declines, some meme coins have shown signs of recovery. For instance, FLOKI, after falling 95.56% from its peak, has reduced its loss to 65.97% from its peak price.
Similarly, POPCAT, which once dropped 99.62%, now shows a 43.77% decline from its peak, suggesting a possible resurgence in investor interest. Notably, the average decline across these top meme coins stands at 63.73%, indicating that while some have recovered slightly, the overall market remains challenging.
Outlook and Analyst Insights
Amid this turbulent market, there are indications of renewed interest in meme coins. As of August 13, the total market capitalization for meme coins had grown to approximately $38.55 billion, representing a 2.25% increase. Trading volume also surged by 21.72%, reaching $3.92 billion, signaling increased investor engagement.
Analyst Murad Mahmudov has pointed out that only seven meme coins are currently among the top 100 cryptocurrencies. He predicts that this number could rise to over 25, given the market’s dynamics and growing interest in meme coins like Dogecoin and Shiba Inu, which continue to perform relatively well despite recent declines.