Memecoin market crashes 56% since December peak amid fading hype

Memecoin industry observers predict a consolidation of major memecoins such as Dogecoin, Shiba Inu and the Official Trump memecoin.

The memecoin market has erased all of the gains that followed Donald Trump’s presidential victory in November 2024, having lost more than half of its value since December.

According to CoinMarketCap data, the total market capitalization of memecoins stood at $54 billion on March 5, down 56% from $124 billion on Dec. 5, 2024.

The memecoin market has gradually declined after peaking at a record-breaking market cap of $137 billion on Dec. 8, briefly rising and dropping amid memecoin launches by Trump and First Lady Melania Trump in January.

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