Welcome to the latest insights on the volatile world of meme coins! In this weekly digest, we delve into the market highlights, trends, and performance of the top meme coins that have been making waves in the crypto sphere.
Market Highlights
The meme coin market capitalization has experienced a slight dip of nearly 5% in the past 24 hours, currently standing at $39 billion. In today's trading, only a handful of tokens are displaying positive momentum. Notably, Neiro (NEIRO) has emerged as the top gainer with a significant surge of 49.5% to $0.00007643.
Meanwhile, RyuJin (RYU) and Fwog (FWOG) have also showcased impressive gains of over 30%, with the remaining green list coins recording increases ranging between 6% to 24%. On the downside, ethereum Is Good (EBULL) leads the decliners, with a 33% slump to $0.00168.
Among the top 10 meme coins based on market cap, all tokens are currently in the red zone. Floki Inu (FLOKI) experienced the most significant decrease by 4.4% to $0.00012, followed by Coq Inu (COQ) with a 4% drop. Bonk (BONK) registered the smallest decline of 1.2%.
Top meme coins Fell 63.7% on Average in a Year
All major meme coins have witnessed a decline from their year-high prices, according to data from the cryptocurrency analytics platform Lookonchain. Dogecoin (Doge) staggered down by 75% from its yearly high to its low point and 58% to its current price. Similarly, SHIB plunged 85.3% to its yearly low and nearly 71% to its present valuation.
The average drop for the top 10 meme coins equated to 92.85% from their peak price to their lowest point over the past year. Looking specifically at the decline from the yearly high to the current price, the average fall stood at 63.73% among these meme tokens.
PolitiFi coins Outperformed meme coins in 2024
Within the realm of meme coins, Political Finance (PolitiFi) tokens emerged as a standout performer in 2024. As per a CoinGecko report, PolitiFi coins surged 782.4% between January and August, overshadowing the broader meme coin category's 90.2% increase during the same period.
Despite PolitiFi's impressive gains, the report highlighted that meme coins still dominate the sector by a significant margin. PolitiFi coins held a 1.5% market share of the meme coin category, with a market cap of $680.8 million. In comparison, the overall meme coin sector's market cap amounted to $45.6 billion.
ConstitutionDAO Rules the PolitiFi List, Followed by TRUMP and MAGA
ConstitutionDAO (PEOPLE) led the PolitiFi category with a market cap of $385.6 million, witnessing a significant boost of 494.3% since the beginning of 2024. Despite shutting down last year, ConstitutionDAO maintained its dominance within the PolitiFi sector, showcasing resilience even after ceasing operations.
Meanwhile, MAGA (TRUMP) and MAGA Hat (MAGA) secured the second and third positions in the PolitiFi list, posting market caps of $178.9 million and $35.5 million, respectively. Both coins experienced substantial growth in 2024, although MAGA (TRUMP) witnessed a decline from its all-time high following key political events.
Keep an eye on these dynamic developments in the meme coin space as these digital assets continue to captivate investors and bring a fresh perspective to the crypto market!
