Amid the ongoing broader market correction, investor interest in meme coins has significantly declined, hitting some of the most popular tokens the hardest.
Per market data, BOOK OF MEME (BOME), dogwifhat (WIF), and Shiba Inu (SHIB) have been among the most affected, experiencing severe drops in value over the past year.
Solana-based meme coin BOME has faced one of the steepest declines, plummeting nearly 97% from its 52-week high of $0.02805 to a low of $0.000858. Currently trading at $0.005756, BOME has lost about 79% of its value from its peak.
WIF, another Solana-based meme token, also suffered considerable losses. From a high of $4.85, WIF dropped to just $0.0677, marking a staggering 98.6% decline. Its current price of $1.41 represents a 70.93% decrease from its peak.
Meanwhile, SHIB, the second-largest meme coin by market cap, has not been spared. It fell from a 52-week high of $0.00004534 to a low of $0.00000688, down 85.25%. Currently changing hands at $0.00001321, SHIB is still down 70.86% from its peak.
Overall, the meme coin market cap has slumped since reaching a high above $65 billion on May 30. It peaked this year at over $69 billion in early March before dropping alongside the rest of the cryptocurrency market.
A brief surge to $43.79 billion in late August proved unsustainable. As of now, the meme coin market cap has declined to $38.9 billion, making up 18% of the total global crypto market cap, which stands at $2.12 trillion, according to data provided by CoinGecko.
Other tokens such as Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI), have also experienced declines, though less severe. Despite the downturn, meme coins still command enormous attention. The success of recent TRON-based meme coin tokens launched with SunPump is evidence of this increased attention.
