Meme coins expected a Santa rally but saw no reversal… market cap plunged 65% in a year
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- Reported that the meme coin market's total market capitalization stood at about 35 billion dollars, down 65%% year-on-year.
- This year, meme coins' trading volume was 3.05 trillion dollars, analyzed as a 72%% decrease compared with the same period a year earlier.
- It reported that even though the digital asset market was in an uptrend, major meme coins such as Dogecoin and OfficialTrump showed price declines.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Meme coins, which had been hugely popular in the digital assets market, are struggling to rebound. It is analyzed that speculative demand in the market has decreased.
On the 26th (Korean time), the digital asset media Cointelegraph, citing CoinMarketCap data, reported that as of that day the total market capitalization of the meme coin market stood at about 35 billion dollars, down 65% year-on-year.
Meme coins were among the main beneficiaries of last year's Santa rally (a phenomenon in which asset prices surge around Christmas). Last year the digital asset market as a whole was on an upward trend, and meme coins showed the steepest rise among them. Political meme coins that sprang up en masse after the last U.S. presidential election are representative examples. The market capitalization of the meme coin market, boosted by last year's Santa rally, approached 100 billion dollars.
However, this year meme coins have not been able to avoid a correction phase as liquidity and investor demand have plunged. Analyzing trading volume, meme coins recorded total trading volume of 3.05 trillion dollars year-to-date, which is a 72% decrease compared with the same period a year earlier.
A similar atmosphere continued that day. Even though the digital asset market was broadly on an upswing that day, the leading coins Dogecoin (DOGE) and OfficialTrump (TRUMP) fell 0.59% and 0.29% respectively compared with the previous day.
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