Meme coins plunge to year-to-date low... $5 billion wiped from market cap

Uk Jin

Summary

It reported that the market capitalization of meme coins recently fell sharply from $44 billion to $39.4 billion.
It said it plunged 66.2% from the year-to-date high, and major meme coins including Dogecoin (DOGE) and Shiba Inu (SHIB) all showed significant declines.
It also reported that major meme coins such as Pepe, OfficialTrump, and Bonk recorded double-digit declines and continued to show overall weakness.

As the virtual asset (cryptocurrency) market shows an overall downward trend, meme coins are particularly weak.

On the 21st (Korean time), according to cryptocurrency outlet Cointelegraph, meme coin market capitalization fell sharply from $44 billion to $39.4 billion. This is a 66.2% plunge compared to the year-to-date high ($116.7 billion) recorded on January 5.

Looking at individual declines, market leader Dogecoin (DOGE) fell 12.08%, and Shiba Inu (SHIB) and MemeCore (M) fell 10.07% and 4.72%, respectively. In addition, major meme coins such as Pepe (-13.83%), OfficialTrump (-8.63%), and Bonk (-13.44%) are all showing weakness.