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The meme coin euphoria last week grew to levels not seen since the bull run of 2021. This renewed love for this asset class saw the likes of PEPE, WOJAK, and TURBO record impressive growth in just a short period with PEPE crossing the $1 billion market cap mark in less than a month. However, this euphoria hit a roadblock over the weekend and the meme coins are suffering as a result.
Meme Coins See Double-Digit Losses
The most popular meme coins of the last month are starting to see a slowdown going into the new week. This has led to double-digit losses across the board for these meme coins as it seems their euphoria has finally hit a peak.
PEPE saw a sharp downward correction after being on an uptrend for the better part of the week. It rallied to a new all-time high on news of the Binance listing but the cooldown has been brutal on the cryptocurrency, resulting in large losses.
By Monday morning, the price of PEPE is already over 10% down from its Sunday prices and around 40% down from its Friday peak above $0.000004. This follows a decline in its trading volume as well, indicating a drop in interest
Meme coins suffer from low weekend momentum | Source: CoinGecko
Likewise, other meme coins that did very well during the same time period as PEPE also suffered a similar fate. WOJAK, for example, is down 14% in one day, and the losses continue into the one-hour chart. However, this meme coin is still seeing 127% gains on the weekly chart.
Last but not least in this report is TURBO, a meme coin that was created by ChatGPT and ran to over $70 million market cap. It is also the worst performer of the three after declining 44% on the daily chart.
A Weekend Of Meme Coin Losses
The weekend slowdown has affected all meme coins in the market. Even the top dogs like Dogecoin and Shiba Inu have not been left out of the onslaught with 2.8% and 4.5% losses respectively over the last day. As a result of this, the total meme coin market cap fell by 3.5% to $18.18 billion as of Monday morning.
There’s also more red than green on the meme coin lists with the likes of Dogelon Mars, BONK, and AIDOGE all seeing losses. However, it is not just limited to meme coins as the general crypto market has also suffered declines during this time.
As a new trading week opens up, it remains to be seen if there will be a reversal in the prices of these cryptocurrencies or if they will continue to bleed.
