- Meme cryptocurrencies segment lost around 5% of its market capitalization in 24 hours, underperforming the broader crypto market.
- Major meme coins like Shiba Inu (SHIB), Based Brett (BRETT), and Dogwifhat (WIF) witnessed significant losses, while newcomers like PENGU and AI16Z outperformed.
- PENGU, the official meme coin of Pudgy Penguins NFT collection, surged over 15% and surpassed WIF and FLOKI in market cap, while AI16Z, a DAO-governed meme coin, more than doubled its price in the last week.
Despite the entire cryptocurrency market undergoing a moderate correction, the meme cryptocurrency sector is experiencing a more pronounced decline. The daily performance of these popular coins has been weaker than the overall market, yet the emergence of new ambitious coins brings a glimmer of optimism.
The Sharp Fall of Meme Coins
On December 30, 2024, the meme cryptocurrency sector is witnessing a significant downturn. The cumulative market capitalization for these digital assets has fallen almost 5%, dipping below $105 billion as per CoinGecko’s tracking data. Interestingly, the broader market benchmark only lost 4.6% in the same period.
Mixed Signals from Top 10 Meme Coins
The largest meme coins, the top 10 in terms of market cap, are sending varied signals to the cryptocurrency community. Although all of these meme coins are experiencing a decline over a 24-hour timeframe, a look at their weekly performance paints a different picture.
A Glimpse at Individual Meme Coin Performances
Based Brett (BRETT) has been the worst performer among the top meme coins, losing 4.8% in the past week. Shiba Inu (SHIB), which boasts the largest community among meme coins, is down by 2.2%. This has led to the token, which is supported by the Shib Army, falling out of the top 15 cryptocurrencies by market cap. Dogwifhat (WIF), a highly anticipated meme coin on the Solana (SOL) blockchain, has also seen a decline, with 1.9% of its market cap disappearing overnight. Similarly, Mog Coin (MOG) has experienced a 2% decline. However, other major meme coins such as Pepe (PEPE) and Bonk (BONK) have stayed in the green, each adding less than 1% in the last week.
Newcomers Outperforming Major Meme Coins
While established meme coins like Dogecoin (DOGE) and Floki Inu (FLOKI) have shown a slight recovery, adding 1.4% and 3.7% respectively over the past week, it’s the newcomers that are grabbing the spotlight. PENGU, the official meme coin of the Pudgy Penguins NFT collection, has increased by over 15%. Despite being in its early stages, the token’s market cap has already surpassed both WIF and FLOKI. Adding to the list of newcomers exhibiting impressive performance, AI16Z, a meme coin tied to the first-ever DAO governed by autonomous AI agents, has more than doubled its price in the past week. It surged by an impressive 125%, earning it a spot in the top 100 cryptocurrencies.
Conclusion
While the meme coin sector is currently experiencing a dip, the rise of new coins and the resilience of some established ones offer hope and demonstrate the dynamic nature of this niche within the cryptocurrency market.
