Meme Coin Market Highlights
The meme coin market experienced a sharp downturn, with its overall capitalization dropping nearly 5% over the past 24 hours to $39 billion. Among the few coins in the green, Neiro (NEIRO) led the pack with an impressive 49.5% surge, reaching $0.00007643. Other gainers included RyuJin (RYU) and Fwog (FWOG), both posting gains of over 30%. However, the majority of meme coins struggled, with ETHEREUM IS GOOD (EBULL) suffering the largest drop, plummeting 33% to $0.00168. Apu Apustaja (APU) and Billy (BILLY) also saw significant declines of around 19.5%, while eight other coins recorded double-digit losses.
The top 10 meme coins by market cap were all in the red. Floki Inu (FLOKI) experienced the most significant drop, falling 4.4% to $0.00012, followed closely by Coq Inu (COQ) with a 4% decrease. The least affected was Bonk (BONK), which saw a 1.2% decline. Major players like Dogecoin (DOGE) and Shiba Inu (SHIB) also saw decreases, with DOGE down 3.3% to $0.09636 and SHIB falling 2.2% to $0.00001.
Top Meme Coins Plunge 63.7% on Average Over the Year
Over the past year, the top meme coins have experienced significant declines. According to data from cryptocurrency analytics platform Lookonchain, DOGE has dropped 75% from its yearly high to its lowest point, with a current decline of 58%. SHIB has fared even worse, plummeting 85.3% to its lowest point and 71% to its current price. BRETT, another meme coin, has fallen nearly 90% from its yearly high to low. Overall, the top 10 meme coins have seen an average drop of 92.85% from their 52-week highs. When considering their current prices, the average decline is 63.73%, with POPCAT experiencing the smallest decrease at 43.77% and BOME suffering the largest at 79.48%.
PolitiFi Coins Outperform Meme Coins in 2024
In 2024, PolitiFi coins, a subset of meme coins focused on political finance, have outperformed the broader meme coin market. From January 1 to August 25, 2024, the PolitiFi category surged by 782.4%, while the broader meme coin market rose by 90.2%, according to a report by CoinGecko. Despite this impressive growth, PolitiFi coins still represent a small fraction of the meme coin market, holding a 1.5% market share with a $680.8 million market cap as of August 25. In contrast, the overall meme coin sector had a market cap of $45.6 billion. PolitiFi’s peak came on June 16, when it accounted for 3.3% of the meme coin sector with a market cap of $1.6 billion.
The report notes that many PolitiFi tokens were created in response to growing interest in the U.S. political scene, with some even using transaction fees to support political causes. MAGA (TRUMP), for instance, contributes its revenue directly to Donald Trump’s Ethereum wallet and associated charities. The report also highlighted that the price of PolitiFi tokens is closely tied to political events, which can significantly impact their value.
Top PolitiFi Coins: ConstitutionDAO, TRUMP, and MAGA
According to CoinGecko, three coins dominate the PolitiFi category. ConstitutionDAO (PEOPLE) leads the pack with a market cap of $385.6 million as of August 25, despite the project being defunct since June of last year. ConstitutionDAO has seen a remarkable 494.3% increase in value from the start of 2024, even after refunding contributors and shutting down operations.
Following ConstitutionDAO is MAGA (TRUMP), which boasts a market cap of $178.9 million, a significant rise of 1,350.9% from $12.3 million at the beginning of the year. Although MAGA (TRUMP) reached an all-time high of $789.8 million on June 1, coinciding with Donald Trump’s legal troubles, it has since decreased in value.
The third-largest PolitiFi coin is MAGA Hat (MAGA), with a market value of $35.5 million. Created in May 2024, MAGA Hat has surged 1,292.1% from its initial market cap of $2.6 million. The coin achieved its all-time high of $232.4 million on May 29, following a similar trajectory to MAGA (TRUMP).
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