Memecoin Market Cap Drops 30% Amid December Decline
Release: 2024/12/30 07:04 Reading: 345
The memecoin market experienced a marked decline in December, with its total market capitalization plummeting by approximately 30%.
CoinMarketCap data indicates that the overall market cap for memecoins stood at $120.14 billion on December 1st. It reached its peak of $137.06 billion on December 9th before dropping sharply to $92.67 billion on December 23rd, signifying a 32.38% decrease within the month.
Currently, memecoins' market capitalization remains at $98.72 billion, a decline of 18% from its initial value in December.
Pepe and Exchange Listings Fuel Early December Surge
Pepe (PEPE), the third-largest memecoin by market capitalization, followed the broader market's fluctuations. Cointelegraph Markets Pro data shows that Pepe's price reached a high of $0.000026 on December 9th before falling to $0.000017 by December 20th.
Binance.US's listing of Pepe on December 4th drove the token to its all-time peak, surpassing Uniswap's token (UNI) in market capitalization by December 7th. Pepe's market cap surged from $591 million at the beginning of 2024 to over $11 billion after the listing, representing an 18x increase.
Coinbase also introduced memecoins like Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) in December.
Traders Profit from Pepe's Rise
Throughout 2024, astute traders capitalized on Pepe's meteoric ascent. In April, a crypto trader who invested $3,000 in Pepe saw their holdings escalate to $46 million within a month as the token's value surged by over 15,000 times.
In December, another trader who had purchased $27 worth of Pepe and remained inactive for 600 days transferred $52 million worth of tokens to a new wallet, realizing a staggering 1,900,000x return on their initial investment, as reported by Lookonchain.
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