Memecoins Market Lost $40B This Month

Due to a decrease in demand and momentum, Memecoin’s total market capitalization decreased by approximately 30% in December.

The total market cap for memecoins on Dec. 1 was $120.14 billion, increasing to $137.06 billion on Dec. 9 before dropping significantly to $92.67 billion on Dec. 23. This represents a significant 32.38% decline in market capitalization over the month.

One of the top three memecoins, Pepe, experienced similar price fluctuations as the broader memecoin market. Pepe’s price rose to $0.000026 on Dec. 9 before falling to $0.000017 on Dec. 20.

In an effort to tap into the popularity of memecoins, Binance.US listed Pepe on Dec. 4. Other popular exchanges also listed meme-based tokens. However, the overall decrease in demand and momentum has affected the market performance of memecoins.