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During this market lull, meme coins have still been performing but this trend appears to have come to an end. The top meme coins have seen losses that outweigh Ethereum’s drop in the last 24 hours.
Legacy meme coin Dogecoin has dropped 6.8% while Shiba Inu slipped 5.5% in the past day. Meanwhile, Dogwifhat fell a sizable 12.3%. It wasn’t just dog coins though, even Pepe saw a decline of 7.3% and Book of Meme fell 9.6%, according to CoinGecko data.
This comes after somewhat of a meme supercycle, as defined by a founding partner at Stratos, a crypto hedge fund. During the supercycle, institutional investors began to consider meme coins as a legitimate investment. Solana especially saw a huge boost in memes with the likes of Dogwifhat grabbing headlines before degens began livestreaming to pump tokens.
Solana’s latest riser was Popcat, which is now the only cat in the top 10 meme according to CoinGecko. It’s had a meteoric rise of 35.5% over the last week. However, even this new addition to the meme coin roster wasn’t immune to the latest downturn in the market, losing 12.9% in the past 24 hours.
Solana equally jumped 20.9% over the past 7 days with meme coins performing so well, but has now tumbled 7.7% in the last 24 hours.
It appears that most damage has been taken by memes as Ethereum slips 4.0%, a moderate loss compared to what the memes have taken. But, notably, that means ETH has slipped back below the $3,000 mark for the first time since May 2.
In turn, according to CoinGlass data, over $24 million in long positions for Ethereum have been liquidated over the past 24 hours, $27 million total liquidations including short positions.
The news comes the day after Grayscale notified the SEC it's withdrawing its application to convert its Grayscale Ethereum Trust (ETHE) into a spot ETF, the same process it underwent to convert its Grayscale Bitcoin Trust.
Edited by Stacy Elliott.