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Top meme coins by market capitalization have taken most of the brunt stemming from Monday’s moderate sell-off, while XRP and Hedera (HBAR) continue to defy expectations.
Dogecoin (DOGE) has fallen 8% on the day to $0.42 after climbing to a 24-hour high above $0.45. The seminal meme coin is riding on the eventual creation of a department of government efficiency—to be headed up by Tesla CEO Elon Musk and Vivek Ramaswamy next year.
Despite the recent bullish fervor, other dog-themed tokens, including Shibu Inu (SHIB) and Dogwifhat (WIF), are also down 5.4% and 7.4%, respectively, CoinGecko data shows. Floki (FLOKI) has also dipped 4.2%.
It follows a stellar run from last month’s market activity, which pushed the likes of Solana-based meme coins, including Just a Chill Guy (CHILLGUY), to record highs.
XRP Meme Coins Like ARMY Are Blowing Up Right Now
XRP is up 92% in the last seven days, and meme coins on the XRP Ledger (XRPL) network are experiencing even larger percentage gains as the ecosystem attracts users from other blockchains. The charge is led by an 18-month-old meme coin, ARMY—a reference to the so-called XRP Army of enthusiastic investors and supporters—which jumped from less than a $1 million market cap on November 26 to more than $90 million on Sunday, though it has since dipped to about $47 million as of this writing. The mas...
Launched on November 15, the token draws inspiration from a viral meme character created by artist Phillip Banks in 2023, embodying a laid-back persona that resonated across social media platforms.
While CHILLGUY has pushed 12% higher on the day, others have not been so lucky.
Ethereum-based Pepe (PEPE), inspired by the "Pepe the Frog," is down 9% while Popcat (POPCAT) has also dipped 5%.
Still, some believe the sector has more room to grow as traders seek to benefit from heady speculations into the new year.
“The success of meme coins has demonstrated the power of social media and its natural affiliation with crypto,” Petr Kozyakov, co-founder and CEO at Mercuryo, told Decrypt last month.
'Astonishing' XRP Surge Driven by Regulatory Hopes, ETF Speculation: Analysts
As the price of XRP surged to a fresh seven-year high mark Monday, analysts told Decrypt that the asset’s stunning ascent is being driven by a series of post-election factors, ranging from renewed regulatory hopes to the potential for XRP-centric investment products. Since Election Day last month, the token stewarded by Ripple Labs has been one of the crypto market’s best performers, outpacing Bitcoin and Ethereum’s relative gains. Since November 5, for example, the price of XRP has more than qu...
Even as meme coins and the broader market take a breather, two stand out in defiance of Monday’s activity.
XRP, the token used within Ripple’s payments ecosystem, has been on a tear, up more than 439% over the past 30 days and a further 86% over the week to $2.70.
Propelled by a combination of post-election developments, including revived regulatory optimism and the possibility of XRP-focused investment products, the asset has clocked a further 12% on the day.
Meanwhile, Hedera (HBAR) has pushed to heights not seen in three years above $0.38. The asset has even outperformed XRP with a 755% gain over the last 30 days and a further 56% jump on the day.
