The memecoin market cap has plummeted to its July lows, shedding nearly 40% as top tokens like DOGE and SHIB sink deeper into negative territory. Data from CoinMarketCap indicated that the market capitalization of memecoins fell to a low of $44 billion, a sharp decline from the previous day’s $72 billion. The following day, a slight recovery saw the market return to $53 billion, still reminiscent of the summer upswing due to a Solana-based memecoin surge.
Historically, the memecoin market cap has hovered above $60 billion over the past four months, thanks in part to robust retail interest driven by Solana and BNB Chain, yet this downturn signals a change in market dynamics.
As of now, the memecoin sector stands at $57 billion, still significantly lower than its previous highs.
Memecoin market cap’s seven-day chart. Source: CoinMarketCap
Leading Memecoins in Decline
According to CoinMarketCap, approximately $47 billion of the memecoin market is concentrated in the top ten tokens, making up more than 82% of the sector’s overall market cap. Currently, all these prominent tokens are experiencing losses, with weekly declines between 13% to 22%. Major names like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have suffered, along with other notable tokens like Bonk (BONK) and Floki (FLOKI), both witnessing over 20% drops in the last week.
US President Donald Trump’s official memecoin has also felt the impact, recording a 20% drop on the weekly charts.
Top memecoins down by double-digit percentages. Source: CoinMarketCap
Recovery in Other Sectors
In contrast, while memecoins continue to face challenges, several other sectors have rapidly bounced back after the market downturn. Non-fungible tokens (NFTs) began to rebound quickly, having lost 20% of their total value during the previous crash, though recovering 10% the day after. Additionally, crypto exchange-traded funds (ETFs) have reported fresh inflows post-crash, with spot Bitcoin ETFs noting $102 million and Ether ETFs $236 million in net inflows.
Established cryptocurrencies are also experiencing a resurgence, with Bitcoin (BTC) climbing back above $111,000 and Ethereum (ETH) exceeding $4,000 after recent declines.
For further insights, watch this video featuring Joseph Chalom discussing current trends.
