Over the previous 52 weeks, the prices of the top ten meme coins have dropped by 40% to 70%. Since the beginning of this year, the PolitiFi subcategory has outperformed the broader meme coin category.
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This week read about:
• Meme Coin News: Market Highlights
• Top Meme Coins Fell 63.7% on Average in a Year
• PolitiFi Coins Outperformed Meme Coins in 2024
• ConstitutionDAO Rules the PolitiFi List, Followed by TRUMP and MAGA
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Meme Coin News: Market Highlights
Over the previous day, the market capitalization of meme coins dropped by almost 5% to $39 billion.
These days, very few coins are green. The top performer among them is Neiro (NEIRO), up 49.5% to $0.00007643.
Fwog (FWOG) and RyuJin (RYU) both saw increases of over 30%, while the other four coins on the green list saw increases of between 6% and 24%.
We discover that Ethereum is good (EBULL) at the top of the red side. The price dropped by 33% to $0.00168.
Billy (BILLY) and Apu Apustaja (APU) both saw losses of about 19.5%, while eight other coins saw declines of ten percent or more.
The top 10 meme coins by market capitalization are all shown in red.
Out of the ten, Floki Inu (FLOKI) fell the most. It is now worth $0.00012, down 4.4%.
Following with a 4% decline of its own, Coq Inu (COQ) has the smallest drop at 1.2%, followed by Bonk (BONK).
The top four coins decreased by 2%-3%.
As of right now, Dogecoin (DOGE) is down 3.3% at $0.09636, while Shiba Inu (SHIB) is down 2.2% at $0.00001.
Top Meme Coins Fell 63.7% on Average in a Year
The price of every major meme coin has decreased from its 52-week peak, according to data from the cryptocurrency analytics platform Lookonchain.
DOGE dropped roughly 75% from the peak to the bottom of the year and 58% to the present price.
SHIB has dropped by almost 71% from its current price as well as by 85.3% from the yearly low.
BRETT is down slightly less than 90% in the column that displays drops from the 52-week high to the 52-week low; the remaining companies are all above that percentage.
For all ten coins, the average drop is 92.85%.
Looking at the price drops to the present, we discover that the top ten meme coins have experienced an average fall of 63.73%.
POPCAT has experienced the least decrease in this category (43.77%), while BOME has experienced the most (79.48%).
PolitiFi Coins Outperformed Meme Coins in 2024
Coins categorized as Political Finance (PolitiFi) are a subset of meme coins in general.
The PolitiFi coins category performed better between January 1 and August 25, 2024, than the larger meme coin category.
According to a CoinGecko report, the former increased by 782.4% while the latter increased by 90.2% over the same time period.
Interestingly, though, meme coins as a whole continue to “dwarf” the PolitiFi industry.
With a $680.8 million market capitalization as of August 25, PolitiFi held a 1.5% market share in the meme coin category.
The report stated that the market capitalization of the meme coin industry was $45.6 billion.
On June 16, PolitiFi reached its peak with a $1.6 billion market valuation, accounting for 3.3% of the meme coin industry.
As interest in US politics increased, a large number of PolitiFi tokens were created concurrently.
“While the majority are created for satire purposes, some have applied transaction fees to support the project and political causes it aligns with,” the report noted.
One example is MAGA (TRUMP), which donates a portion of its earnings to the Ethereum wallet and charity partners of former president and current candidate Donald Trump.
Nevertheless, the report states that the price movement of the PolitFi tokens is “closely linked to political events, where developments can significantly impact their value.”
ConstitutionDAO Rules the PolitiFi List, Followed by TRUMP and MAGA
As per a recent report by CoinGecko, three coins are at the top of the PolitiFi category.
Furthermore, the first one might be surprising given the current interest in the turbulent (to put it mildly) US politics, even though the other two might not be.
As of August 25, the largest PolitiFi coin was ConstitutionDAO (PEOPLE).
At that point, it had a market cap of $385.6 million.
It went up 494.3% from the start of 2024, from $64.9 million to $385.6 million.
The project shut down in June last year, saying it “has run its course” and refunding the contributors.
“Despite being defunct, it has managed to maintain its lead over the PolitiFi scene,” the report stated.
MAGA (TRUMP) is the second-largest PolitiFi meme coin. Its market capitalization increased from $12.3 million at the start of the year to $178.9 million, a 1,350.9% increase.
“However, this is a far cry from its all-time high of $789.8 million on June 1,” the report said.
At the same time that Trump was found guilty on 34 counts of receiving hush money, TRUMP saw a 22.3% increase to reach an all-time high following the verdict.
With a market value of $35.5 million, MAGA Hat (MAGA) is the third-largest coin in this category. It was established in May 2024 and increased from $2.6 million by 1,292.1%.
On May 29, it reached its highest point ever, $232.4 million, “having a similar price action to MAGA (TRUMP).”