Meme coins plunge as $50B market cap disappears

The meme coin market is experiencing a significant downturn, with its total market capitalisation dropping drastically.

The collective market cap has fallen by over $50 billion in one month, with the meme coin market currently just above $68 billion.

Tokens like Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB), previously highlights of the bull cycle, are now underperforming.

Dogwifhat (CRYPTO:WIF), Fartcoin (CRYPTO:FARTCOIN), Pepe (CRYPTO:PEPE), and Pengu (CRYPTO:PENGU) have plummeted by double digits within 24 hours.

The decline aligns with bearish sentiment in the broader cryptocurrency market, as Bitcoin (CRYPTO:BTC) briefly dipped below $95,000, with Ethereum (CRYPTO:ETH) and other altcoins recording substantial losses.

Interest from investors appears to be fading, with less social media discussion around top meme coins like Dogecoin, Shiba Inu, and Pepe.

According to the crypto analytics platform Santiment, traders may be shifting from meme coins towards Bitcoin and "assets with strong utility and market positions."  

Santiment added that "this shift encourages a more balanced ecosystem, reducing the risk of unsustainable price surges and crashes fueled purely by speculative mania."

Tokens linked to public figures have also crashed, highlighting the risks of hype-driven investments.

MOTHER (CRYPTO:MOTHER), linked to Iggy Azalea, and DADDY (CRYPTO:DADDY), related to Andrew Tate, have seen their market caps plummet after initial surges.

TRUMP (CRYPTO:TRUMP) and MELANIA (CRYPTO:MELANIA) , associated with Donald and Melania Trump, experienced rallies but are now far from their peak levels.

The TRUMP token has fallen over 75% from its peak, wiping out approximately $11 billion in value.

MELANIA has plunged 90% from its all-time high.