Meme Coins Continue Downward Spiral: Market Cap Falls Below $40 Billion
CryptoNewsTerminal Staff02 Sep, 2024
Meme Coins Continue Downward Spiral: Market Cap Falls Below $40 Billion
The total market capitalization of meme coins has plunged by over 12% in the past week, sinking below $40 billion, according to data from Coingecko. The top 10 meme coins have experienced a collective decline of -63.73% from their respective peaks over the past year, as per data from blockchain analytics firm Lookonchain. "When there were fewer cryptocurrencies, investors had a slightly better chance of making a profit," remarked Ran Neuner, the host of CNBC's 'Cryptotrader Show.' Crypto trader CrashiusClay69 attributed the decline to market rebalancing, stating, "There were too many meme coins and there was some regression. The current process is the market rebalancing."
