The market capitalization of memecoins saw a significant decline of approximately 30% in December, indicating a slowdown in interest and demand for meme-based tokens.
Data from CoinMarketCap reveals that the total memecoin market cap stood at $120.14 billion on December 1. This figure peaked at $137.06 billion on December 9 before sinking to $92.67 billion by December 23, reflecting a 32.38% drop within the month.
As of now, the memecoin market cap is $98.72 billion, marking an 18% decrease from the beginning of December.
Pepe and exchange listings drive December’s memecoin surge
Pepe, the third-largest memecoin by market cap, followed the broader market trends in its price movement. Pepe reached $0.000026 on December 9 but fell to $0.000017 by December 20.
On December 4, Binance.US added Pepe to its exchange, helping it tap into the competitive memecoin market. In addition to Binance, platforms like Coinbase also listed tokens such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat in December.
After being listed on Binance’s US arm, Pepe’s price surged, surpassing Uniswap’s token in market cap on December 7. By the start of 2024, Pepe’s market cap was around $591 million, growing to over $11 billion after its listing, representing an 18-fold increase since the beginning of the year.
Traders make millions with Pepe
Throughout 2023, astute traders capitalized on the surge of Pepe, making substantial profits. In April, one investor spent $3,000 on the token. By May, their Pepe holdings were worth an astonishing $46 million, marking a 15,000-fold increase.
In December, another trader who had invested just $27 in Pepe tokens over 600 days ago transferred about $52 million worth of the token to a new wallet. Onchain analytics firm Lookonchain reported a staggering 1,900,000x return on this investment.
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