Memecoin reached an ATH of $137 billion in December before dropping to a low of $92 billion in the same month. The memecoin market lost over $40 billion in December as traders witnessed significant volatility and changing opportunities.
The market capitalization of memecoin tokens has decreased by around 30% in December, indicating a slowdown in momentum and demand for meme-based tokens.
Data from CoinMarketCap shows that on December 1, the total market capitalization of memecoin reached $120.14 billion. This figure peaked at $137.06 billion on December 9, before dropping to a low of $92.67 billion on December 23, marking a 32.38% decline during the month.
At the time of writing, the overall market capitalization of memecoin is at $98.72 billion, 18% lower than the beginning of the month.
Pepe, the third-largest memecoin by market capitalization, has reflected the price volatility of the broader memecoin market. The price of Pepe reached $0.000026 on December 9 but dropped to $0.000017 on December 20.
On December 4, Binance.US listed Pepe as the US-based digital asset trading platform competed to capture a share of the promising memecoin market. In addition to Binance, Coinbase also listed tokens such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) in December.
After being listed on the US branch of Binance, the price of Pepe reached an ATH, surpassing the market capitalization of Uniswap's token on December 7. By early 2024, this memecoin had a market capitalization of around $591 million. Following the listing, the token's market capitalization exceeded $11 billion, representing an 18-fold increase since the beginning of the year.
Over the past year, savvy traders have invested in the Pepe memecoin and made millions of dollars as the token experienced a significant price surge. In April, a trader spent $3,000 to purchase this meme-based token. After a month, the trader's Pepe holdings had increased in value to $46 million, as the token had surged by over 15,000%.
In December, a trader who spent $27 to buy Pepe tokens and had been inactive for over 600 days finally used their token holdings. This wallet transferred around $52 million worth of Pepe tokens to a new address. According to on-chain analytics firm Lookonchain, the trader achieved a profit of 1,900,000 times their initial investment.
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The article Memecoin "lao dốc" khi vốn hóa mất 40 tỷ USD trong tháng 12 first appeared on CoinMoi.
