Memecoins have been plummeting in recent days

Each cycle has its wave of memecoins, and this one was particularly dynamic on the humorous cryptocurrencies side. But these are showing clear signs of running out of steam this week, after having surfed on the renewed interest in digital assets.

If we look at the 10 most capitalized memecoins, we see many double-digit falls over the week. BONK lost 18% and FARTCOIN plummeted 29%. For Pudgy Penguins' $PENGU , the fall is even more drastic: -38% over the last seven days. Donald Trump's memecoin, Official Trump ($TRUMP ) lost 23%, around ten days after its launch.

Unsurprisingly, the cryptocurrencies that are holding up best are the veterans. In particular, Dogecoin ($DOGE ), Elon Musk's favorite cryptocurrency, which "only" lost 5%. It also continues to be driven by the existence of DOGE, a new department of the United States government. The same goes for Shiba Inu (SHIB), which plummeted 6% over the same period.

The end of a cycle?

The unprecedented breakthrough of memecoins was largely due to the explosion of the Solana (SOL) ecosystem, on the wings of the launcher Pump.fun. But while the latter is still recording record revenues, it has experienced legal difficulties and numerous controversies.

This has undoubtedly contributed to this notable loss of momentum in the memecoin sector, but not only. We also note the overheating that the sector experienced in the run-up to the American elections and then the inauguration of Donald Trump. With both events behind them, political memecoins have also taken a big hit.

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