The memecoin market capitalization has plummeted to levels not seen since July, as meme-based tokens struggle to bounce back from significant losses during Friday’s sharp crypto market crash.
According to CoinMarketCap data shows, on Oct. 11, the memecoin sector fell to $44 billion, marking a nearly 40% drop from $72 billion the day before. On Oct. 12, the memecoin market made a slight recovery to $53 billion, a level not seen since July when a surge in Solana-based memecoins sparked a late-summer rally.
Over the past four months, the memecoin market cap has consistently stayed above $60 billion, driven by strong retail interest in meme-based tokens, bolstered by Solana and BNB Chain. However, the recent decline has indicated a shift in momentum.
As of now, the memecoin sector’s market cap sits at $57 billion, still significantly lower than its recent highs.
Top memecoins struggle to recover from Friday’s bloodbath
As per CoinMarketCap, the top 10 memecoins comprise approximately $47 billion, which accounts for over 82% of the sector’s total market capitalization. At this moment, all these tokens are trading in the red for both the 24-hour and seven-day charts.
The major meme tokens, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have experienced weekly losses ranging from 13–22%. Other notable memecoins like Bonk (BONK) and Floki (FLOKI) have fallen by over 20% in the past week.
The official memecoin token of US President Donald Trump has also suffered from the crash and is currently down 20% on the weekly charts.
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Other sectors quickly stabilized after the market crash
While memecoins are still working to recover from the crash’s aftermath, several other sectors have quickly shown signs of stabilization and recovery.
Just a day post-crash, non-fungible tokens (NFTs) began to rebound. During the market sell-off, the overall NFT space’s value dropped by 20%, erasing about $1.2 billion. However, the niche rapidly recovered, regaining 10% of its value the day after the crash.
Additionally, crypto exchange-traded funds (ETFs) saw swift inflows after experiencing a wave of outflows due to the recent market downturn. On Tuesday, spot Bitcoin ETFs received $102 million in net inflows, while Ether ETFs reported $236 million in net inflows.
More established cryptocurrencies have also bounced back quickly. Bitcoin (BTC), which fell to $102,000, is now trading above $111,000, per CoinGecko. Ether (ETH), which dipped below $3,700, has surged back to above $4,000.
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