The memecoin sector’s market capitalization fell to levels last seen in July, as meme-based tokens struggled to recover from losses incurred during the cryptocurrency market’s sharp collapse on Friday.
CoinMarketCap data Show On Saturday, the memecoin sector fell to a low of $44 billion, a roughly 40% drop from $72 billion the day before. On Sunday, the memecoin market rebounded slightly to $53 billion, a level last seen in July before the Solana-based memecoin craze sparked a late-summer sector rally.
Over the past four months, the memecoin market cap has consistently remained above $60 billion, as meme-based tokens have maintained strong retail interest, supported by the Solana and BNB chains. However, the recent decline represents a shift in momentum.
At the time of writing, the memecoin market cap is hovering at $57 billion, still well below its recent performance.
Top meme currencies are struggling to recover from Friday’s bloodbath
According to CoinMarketCap, the top 10 memecoins represent about $47 billion, more than 82% of the total market cap of the sector. At the time of writing, all of these tokens are trading in the red, both on the 24-hour and seven-day charts.
The largest tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) recorded weekly losses of between 13% and 22%. Other top-ranked meme coins like Bonk (BONK) and Floki (FLOKI) have fallen more than 20% in the past week.
The official memecoin of US President Donald Trump was also affected by the collapse and fell by 20% on the weekly charts.
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Other sectors stabilized quickly after the market collapse
While memes are still recovering from the effects of the collapse, many other sectors have shown signs of stabilizing and recovering faster.
One day after the collapse, non-fungible tokens (NFTs) are starting to bounce back. During the market sell-off, the overall value of the NFT space fell by 20%, with about $1.2 billion in value wiped out of the sector. However, the market quickly recovered, recovering 10% the day after the crash.
Cryptocurrency exchange-traded funds (ETFs) quickly attracted new inflows after a wave of outflows following the recent market collapse. On Tuesday, spot Bitcoin ETFs saw net inflows of $102 million, while Ethereum ETFs recorded $236 million in net inflows.
More established cryptocurrencies were also quick to recover. Bitcoin (BTC), which fell to $102,000, is trading above $111,000, according to CoinGecko. Ethereum (ETH), which fell below $3,700, has recovered to levels above $4,000.
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The post Memecoins Drop to July Levels as Bitcoin and Ether Lead Market Recovery first appeared on Investorempires.com.
