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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.
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.
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.