Meme coins were a hot story in 2024, but this year is not going well for them. In fact, most top meme coins lost a lot of value in the last few weeks.
Cointelegraph reported that over $47 billion has been wiped out from the meme coin space in the past three weeks.
The memecoin market isn’t doing well at all. Right now, these coins are worth about $69.84 billion together – but that’s after losing almost 30% of their value. We’re talking about $47 billion vanishing in just three weeks. Trading has slowed down too, with volume dropping by nearly half to $6.66 billion. This means a lot fewer people are buying and selling these coins.
If you look at what happened recently, it’s quite telling. Mid-January saw lots of excitement and trading, with prices going up as people jumped on the hype train. But then late January hit, and everything started going downhill fast. The decline hasn’t really stopped since then. It’s a classic example of how these coins work – they can shoot up fast, but they can crash just as quickly.
🚨 NEW: Over $47 billion has been wiped out from the memecoin space in the past three weeks. pic.twitter.com/M3aEJTJ3wq
— Cointelegraph (@Cointelegraph) February 8, 2025
Popular Meme Coins Are Struggling
Even the big names in meme coins are having a rough time. Take Dogecoin, probably the most famous one – it’s down 10% in just the last week. Shiba Inu is doing a bit better, but it’s still lost 3% of its value. The newer coins are getting hit even harder. PEPE coin dropped 15%, while the TRUMP token crashed by 20%. BONK isn’t doing great either, falling 13%.
When you see all these coins dropping at once, it tells you something important: investors are getting out, and they’re doing it fast. The hype that used to drive these prices up seems to be dying down. You can really see this in how much less trading is happening – people just aren’t as interested anymore.
Looking at all this, jumping into meme coins right now probably isn’t the smartest move. The market is clearly in rough shape, and there’s no way to know how much lower these coins might go. Sure, some might look at these lower prices and think it’s a chance to buy cheap, but here’s the thing: these coins don’t really have any real value behind them.
They go up when people get excited about them on social media, and they crash when that excitement fades. Right now, that excitement definitely seems to be fading, and putting money into meme coins would be like trying to catch a falling knife.
Read also: Why is FLOKI Price Up Today?
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
