In December, the overall market capitalization for meme coins fell by 30%. This suggests that demand for meme-based tokens is declining. According to CoinMarketCap data, on December 1, the total market capitalization of memecoins was $120.14 billion, rising to $137.06 billion on December 9. On December 23, it fell to $92.67 billion.
Meme coins declined by 30 percent
The overall market capitalization of meme coins fell by nearly 30% in December, indicating a slowdown in momentum and demand for meme-based tokens. CoinMarketCap data shows that on December 1, the total market capitalization of memecoins was $120.14 billion. This figure rose as high as $137.06 billion on December 9 and fell as low as $92.67 billion on December 23. This represents a 32.38% drop in market capitalization over the month. At the time of writing, the total market capitalization of memecoins is $98.72 billion, 18% lower than its performance at the beginning of the month.
Pepe leaps in December with stock market listings
Pepe, the third largest memecoin by market capitalization, mirrored the price movements of the broader memecoin market. Market data shows that Pepe rose to $0.000026 on December 9 but fell to $0.000017 on December 20. On December 4, Binance.US listed Pepe as the US-based crypto asset exchange platform competes for their share of the lucrative meme coin market. Apart from Binance, Coinbase has listed tokens such as Moodeng (MOODENG), Mog (MOG), WIF and Dogwifhat
Following its listing on the US arm of Binance, Pepe’s price reached an all-time high, surpassing Uniswap’s token. Its market capitalization was $13.36 on December 7. At the beginning of 2024, memecoin’s market capitalization was about $591 million. Following the listing, the token’s market capitalization surpassed $11 billion, representing an 18-fold growth since the beginning of the year.
Throughout the year, savvy traders invested in the Pepe meme coin and made millions of dollars as the token soared. In April, one crypto trader spent $3,000 to buy a meme-based token. A month later, the trader’s Pepe holdings were worth as much as $46 million after the token surged over 15,000 times in price. In December, a trader who had spent $27 to buy Pepe tokens and remained inactive for more than 600 days finally touched his holdings. The wallet transferred about $52 million worth of Pepe tokens to a new address. According to onchain analytics firm Lookonchain, the trader earned a 1,900,000-fold return on his investments.
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