Meme coins were absolutely soaring earlier this year, but are down in the dumps in June. Altcoins like Shiba Inu, Dogwifhat, Bonk, Pepe, and PopCat were on top of the cryptocurrency leaderboards for daily and weekly growth candles. These meme-inspired decentralized finance cryptocurrencies were better bets than Bitcoin and Ethereum for weekly returns.
What’s going on with the snap back in prices for meme currencies? Is meme summer already coming to an end or are market conditions putting the meme rally on hold momentarily? Will market capitalizations in the billions begin to lose their gravity in a run on memes or will the hype train pump on with more steam than ever going into a key strategic summer this year?
Why Are Meme Coin Prices Falling?
Top meme coins by market capitalization were in the red last week, aligned with the bearish overall market performance for the week ending Saturday, June 15.
Bitcoin (BTC) ran the seven-day window for a 4.92% gain, BNB Coin (BNB) for Binance Exchange and Binance Smart Chain dropped 9.78%, and Toncoin (TON) gained 10.48% on crypto exchanges.
Top gainers for the seven day window among cryptocurrencies included Notcoin (NOT) with a 157% increase, JasmyCoin (JASMY) with a 52% gain, and Ordi Coin (ORDI) with a 36% jump in value for the week.
Bitcoin Rune Ordinal project DOG GO TO THE MOON was the only meme coin to escape the slaughter for the week DOG GO TO THE MOON brought investors 65% for their capital and sent that Bitcoin money back to the moon.
The rest of the meme coin market, however, did not fair so well on the seven-day window. Bonk (BONK) on the Solana network fell 19.7% for the week’s trading. DogWifHat fell 7.8% amid the meme coin rout. Pepe (PEPE) on Ethereum crashed 11% over the week. Shiba Inu on Ethereum fell 10% for the seven day period.
Even Dogecoin fell 2% in the week’s trading. Only Floki Inu (FLOKI) was spared on Ethereum and Binance Smart Chain, with some 4.9% gains to show for the week’s swaps. Brett (BRETT)— Doge’s friend on Coinbase— also managed to not only escape the carnage, but was up 48%.
Did You Miss Meme Coin Season Already?
Is meme season already over? Unlikely. Although there is no guaranteeing any future movement of the free and open markets for crypto exchanges, the meme season tends to follow the waves of capital moving into decentralized finance (DeFi) ecosystems during altcoin season after Bitcoin’s capitalization peaks. Bitcoin hasn’t even gotten there yet in this cycle.
Once Bitcoin’s price hits a market top and begins to level out, likely several months from now in 2025, other cryptocurrency markets will begin to find their way to their local peaks in turn.
That will be the end of altcoin season, potentially in mid to late 2025, or even in 2026 depending on how the general super cycle turns along with the rest of the global economy in 2024 and beyond.
So you probably didn’t miss meme coin season— yet. But the earliest returns come from projects like Kai Cat Coin, that are in their presale event with fixed premarket prices. Investors looking for the biggest candles to scoop profits from sow their earnings far and wide across projects like these, stay in touch with the community online, and meme early and meme often.
