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CryptoIntelligence 2024-12-29 23:02:00

Memecoin Market Cap Drops 30% Amid December Decline

The memecoin market experienced a significant downturn in December, with overall market capitalization falling by approximately 30%. CoinMarketCap data reveals that the total market cap for memecoins was $120.14 billion on Dec. 1. It peaked at $137.06 billion on Dec. 9 before plunging to a low of $92.67 billion on Dec. 23, marking a 32.38% decline within the month. As of now, memecoins’ market capitalization stands at $98.72 billion, down 18% from its value at the start of December. Pepe and Exchange Listings Propel Early December Surge Pepe (PEPE), the third-largest memecoin by market capitalization, mirrored the broader market’s fluctuations. According to Cointelegraph Markets Pro, Pepe’s price climbed to $0.000026 on Dec. 9 before dropping to $0.000017 by Dec. 20. On Dec. 4, Binance.US listed Pepe, driving the token to an all-time high and surpassing Uniswap’s token (UNI) in market capitalization by Dec. 7. Pepe’s market cap grew from $591 million at the start of 2024 to over $11 billion following the listing, representing an 18x increase. Coinbase also listed memecoins such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) in December. Traders Profit Big from Pepe’s Rise Throughout 2024, savvy traders capitalized on Pepe’s meteoric rise. In April, a crypto trader who invested $3,000 in Pepe saw their holdings grow to $46 million within a month as the token surged over 15,000 times in value. In December, another trader who purchased $27 worth of Pepe and went dormant for 600 days transferred $52 million worth of tokens to a new wallet. Lookonchain reports that this trader achieved a staggering 1,900,000x return on their initial investment.