Market capitalization for the memecoin industry fell to a level last seen in August, as tokens based on memes battled to recover after Friday’s steep crash of crypto markets.
CoinMarketCap data showed On Saturday, memecoin fell to $44 billion from $72 billion. This is a drop of almost 40%. On Sunday the market for memecoins recovered to $53 Billion, which was a level that had been last reached in July prior to a Solana-based frenzy. ignited the sector’s late-summer rally.
In the past four months, memecoin’s market capitalization has remained consistently above $60 billion. This is due to the strong interest in meme-based tokens, which was fueled by Solana Chain and BNB Chain. The recent drop in value marked a change of momentum.
As of this writing, the market cap for the memecoins sector hovers around $57 Billion, which is much less than the recent performance.
After Friday’s massacre, top memecoins have a hard time recovering.
CoinMarketCap states that according to the company, the market cap of memecoins is $47 Billion, which represents 82% more. All these tokens, on both the seven-day and 24-hour charts, were in red at the time this article was written.
Dogecoin is one of the most popular meme tokens.DOGEShiba InuSHIBPepePEPE) all posted weekly losses from 13%–22%. Bonk and other top memecoins (BONK) and Floki (FLOKIIn the past week,’s sales dropped by more than 20%.
The official token of US President Donald Trump, the memecoin token, has also been affected by the crash. It is now 20% lower in the weekly chart.
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The market collapse quickly led to the stabilization of other industries
Even though memecoins have yet to recover from the effects of the crash and its aftermath, other sectors are showing signs of a faster recovery.
Non-fungible Tokens (NFTs), a day after the crash started to bounce back. During the recent market crash, the value of NFTs dropped 20%. This amounted to a loss of $1.2billion. Despite this, niches quickly rebounded, and gained 10% on the first day following the crash.
After a recent wave of withdrawals, crypto exchange-traded fund (ETFs), also attracted new inflows. following the recent market meltdown. Inflows into Bitcoin spot ETFs totaled $102 million on Tuesday. Ether-based ETFs registered net inflows of $236 millions.
Other cryptocurrencies that are more established also recovered very quickly. Bitcoin (BTC), which dropped to $102,000CoinGecko reports that the value of is above $111,000 at this time. EtherETHThe price of ) which dropped to levels below $3.700 has now recovered to levels over $4,000.
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Source: cointelegraph.com
