In the past 24 hours, the total capitalization of meme tokens rose by 8.1%, surpassing the broader crypto market’s growth of 5%.
PEPE showed the most significant increase in the category, rising nearly 27% over the week to reach a new all-time high of $0.000011.
The main meme tokens — DOGE, FLOKI, and SHIB — grew by 3.4%, 8.9%, and 22.1%, respectively.
The five largest meme coins account for approximately 77% of the sector’s total capitalization of $56.4 billion.
Crypto trader DonAlt suggested that while the rest of the market remains stable, meme tokens could face significant losses.
I’m personally convinced it’s over for memes, rest of the market might get out of this ok but I’m expecting memes to giga rug
GL if your portfolio is in the 10th iteration of a dog or a cat
— DonAlt (@CryptoDonAlt) May 15, 2024
“I’m personally convinced it’s over for memes, rest of the market might get out of this ok but I’m expecting memes to giga rug. Good luck if your portfolio is in the 10th iteration of a dog or a cat,” he stated.
MN Trading founder Michaël van de Poppe examined the broader altcoin market. In his view, the dips in the market capitalization chart of the segment likely indicate reaching or nearing a local minimum.
Given the wicks on the #Altcoin market capitalization chart, it seems likely that the low is in or close.
The markets have been suffering a strong correction, through which it seems likely that this won’t last from here and the reversal is on the horizon. pic.twitter.com/N7C2GAdtlv
— Michaël van de Poppe (@CryptoMichNL) May 16, 2024
“The markets have been suffering a strong correction, through which it seems likely that this won’t last from here and the reversal is on the horizon,” the analyst added.
Previously, Synthetix founder Kain Warwick described meme tokens as a valuable tool for attracting traders to DEX.
Back in March, CryptoQuant CEO Ki Young Ju expressed concern over the boom in this area of cryptocurrency. According to the expert, such projects harm the industry.