Meme Coin Market Loses More Than $40B In December
The meme coin market experienced significant volatility in December, with their market capitalization surging to $137 billion before plummeting to $92 billion, resulting in a loss of over $40 billion.
A Notable Decline
The overall market cap for meme coins dropped by 30%, signaling a slowdown in demand for meme-based tokens. CoinMarketCap data shows that on December 1st, the total market cap was $120.14 billion, peaking at $137.06 billion on December 9th, then falling by 32.38% to $92.67 billion by December 23rd.
By the end of the month, the market cap stood at $98.72 billion, an 18% decline. A key driver of the meme coin surge was the listing of PEPE on exchanges like Binance.US and Coinbase, which helped propel its price and market cap. On December 7th, following its Binance.US listing, Pepe surpassed UNI in market cap, with its value soaring to over $11 billion.
Staggering ROI
Throughout the year, savvy traders profited significantly, such as one who invested $3,000 in Pepe in April and saw it grow to $46 million by May. In December, another trader, after holding $27 worth of Pepe for over 600 days, transferred $52 million worth of tokens, yielding a whopping 1,900,000x return on investment, according to Lookonchain analytics.
Top News
17 hours ago
2 days ago
6 days ago
More From The News
Press Releases
Payments
New Payment Limit For Crypto Wallets Scrapped
The recent Anti-Money Laundering re... Read more
Bitcoin
Bitcoin Undergoes Price Correction As International Economies
A significant portion of the crypto... Read more
Join Our Newsletter
Get the latest trends and updates on our crypto community.