Meme coins have taken a beating following the market-wide downturn led by Bitcoin selling off below the $67,000 mark.
What Happened: CoinGecko data shows a 7.5% drop in the market capitalization of meme coins over the past 24 hours.
| Cryptocurrency | Price | 24-hour performance | 7-day performance |
| Dogecoin DOGE/USD | $0.1375 | -6.7% | -13.5% |
| Shiba Inu SHIB/USD | $0.0000217 | -7.3% | -9.5% |
| Pepe PEPE/USD | $0.00001194 | -6.0% | -16.6% |
| Dogwifhat WIF/USD | $2.44 | -11.6% | -24.5% |
| Floki FLOKI/USD | $0.0002409 | -12.2% | -10.9% |
The GameStop GME/USD is also down 14% on the day, while the GameStop-inspired meme coin Kitty AI KITTY/USD is down 46%
Why It Matters: Traders were vocal about the poor performance of meme coins. Crypto trader WazzCrypto noted, "I think I’ve lost money on all meme coins I’ve held longer than 1 day for the past entire month." He emphasized that with the dilution speed, the average lifecycle for these meme coins will be very short.
Content creator Jake Gagain tweeted that “generational wealth” will not come to those who sell during a dip, but trader Wizard Of SoHo is questioned if the bull market has ended and whether the “banana zone” was still to come.
With the market still caught in two minds whether this is a bearish turn for meme coins or a short-term “scam dump,” investors may want to remain cautious.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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