Meme coins have been a standout sector during this bull run, yet the momentum has slowed. Despite a market recovery, major pumps for meme coins remain elusive.
The shift in narrative toward utility projects and gaming could be imminent and the reason for this slump in the meme sector. Nevertheless, meme coins could revisit their ATHs when crypto mania returns.
Besides, this cooling trend raises questions about the future of meme coins and potential shifts in market narratives.
What you'll learn 👉
Meme Coins Hit the Brakes
Per CoinGecko at press time, PEPE has seen an 11.95% drop in the last day, with a 28.97% decline over the past week. The token, at press time, trades at $0.058293.
Similarly, FLOKI has fallen 9.17% in a day and 25.70% over seven days, now priced at $0.0001299. WIF hasn’t escaped the downturn, plummeting 8.35% in 24 hours and 37.47% in a week, trading at $1.54.
This widespread decline across major meme coins indicates a broader sector-wide cooldown. The meme coin market, which had been a top performer earlier in the bull run, now faces headwinds.
The Road to All-Time Highs
Despite the current slump, meme coins have a history of explosive growth. However, the path back to previous highs appears steep:
PEPE needs to climb approximately 51.5% to reach its peak of $0.00001718 set on May 27, 2024. This represents a substantial but not insurmountable increase.
With a price of $0.0001299, FLOKI requires a rise of about 61.5% to hit its peak of $0.0003462 achieved on June 5, 2024. This goal, while challenging, appears attainable.
Trading at $1.54, WIF faces the steepest climb. To revisit its ATH of $4.85 from March 31, 2024, the token needs a surge of around 68%. This places WIF as the furthest from its peak among the three.
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Shifting Narratives in Crypto
The cooling meme coin market may signal a broader shift in crypto narratives. While memes have been integral to crypto culture, investor focus could be moving towards projects with more tangible utility. Gaming tokens and platforms offering real-world applications might gain traction in this sector.
Despite the current downturn, meme coins are expected to remain a part of the crypto ecosystem. Moreover, these tokens could revisit their all-time high areas later this year if overall crypto market sentiment improves. However, expectations for growth beyond previous peaks are tempered.
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