In December 2024, the memecoin market suffered a sharp drop, losing over $40 billion in market capitalization. This 32.38% drop in one month reflects a decrease in demand and momentum for these crypto memes, despite some notable exceptions.
Memecoin market sinks in December
The memecoin market saw a significant decline in December 2024, losing over $40 billion in market capitalization. According to recent data, the total capitalization of crypto memes increased from $120.14 billion on December 1 to a peak of $137.06 billion on December 9. However, on December 23, this capitalization dropped to $92.67 billion, showing a decline of 32.38% in one month.
One of the reasons for this decline could be attributed to market saturation and profit-taking by investors. Not to mention market fluctuations and changing opportunities for traders. Indeed, throughout the year, savvy traders invested in crypto memes like Pepe and made millions of dollars in gains. This is why among the most affected memecoins we find Pepe (PEPE)whose price reached $0.000026 on December 9 before falling to $0.000017 on December 20.
Crypto memes soon to be forgotten?
Despite this declinesome memecoins continued to attract attention. Binance.US listed Pepe in December, which led to a temporary increase in its price. Additionally, other tokens like Moodeng (MOODENG), Mog (MOG) and Dogwifhat (WIF) have been listed on Coinbase, showing that interest in crypto memes has not completely disappeared.
In sum, although the memecoin market suffered a significant decline in December 2024, it remains a dynamic sector with opportunities for savvy investors. Volatility and rapid price swings will likely continue to characterize this sector of the crypto market in 2025.
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