Lưu trữ cho từ khóa: Meme coin

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BOME, WIF, SHIB hit the hardest, investor interest in meme coins declines

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Amid the ongoing broader market correction, investor interest in meme coins has significantly declined, hitting some of the most popular tokens the hardest. 

Per market data, BOOK OF MEME (BOME), dogwifhat (WIF), and Shiba Inu (SHIB) have been among the most affected, experiencing severe drops in value over the past year.

Solana-based meme coin BOME has faced one of the steepest declines, plummeting nearly 97% from its 52-week high of $0.02805 to a low of $0.000858. Currently trading at $0.005756, BOME has lost about 79% of its value from its peak. 

WIF, another Solana-based meme token, also suffered considerable losses. From a high of $4.85, WIF dropped to just $0.0677, marking a staggering 98.6% decline. Its current price of $1.41 represents a 70.93% decrease from its peak. 

Meanwhile, SHIB, the second-largest meme coin by market cap, has not been spared. It fell from a 52-week high of $0.00004534 to a low of $0.00000688, down 85.25%. Currently changing hands at $0.00001321, SHIB is still down 70.86% from its peak.

Overall, the meme coin market cap has slumped since reaching a high above $65 billion on May 30. It peaked this year at over $69 billion in early March before dropping alongside the rest of the cryptocurrency market. 

A brief surge to $43.79 billion in late August proved unsustainable. As of now, the meme coin market cap has declined to $38.9 billion, making up 18% of the total global crypto market cap, which stands at $2.12 trillion, according to data provided by CoinGecko.

Other tokens such as Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI), have also experienced declines, though less severe. Despite the downturn, meme coins still command enormous attention. The success of recent TRON-based meme coin tokens launched with SunPump is evidence of this increased attention.

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Popcat price skids, yet open interest and charts indicate a rebound

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Popcat, a top Solana meme coin, re-entered a bear market, falling by over 22% from its highest point this week. 

The Popcat (POPCAT) token dropped to a low of $0.6098, its lowest level since Aug. 23, erasing most of the gains made earlier this month. This retreat gave it a market cap of over $608 million.

Popcat’s futures open interest is stable

Earlier this month, Popcat rose for seven consecutive days after Binance listed its futures, allowing users to trade it with up to 75x leverage. More exchanges like KuCoin Futures and OKX also listed Popcat’s futures this week.

Cryptocurrencies tend to rise sharply after being listed by top tier-1 exchanges and then pull back as the hype retreats.

These listings explain why Popcat’s futures open interest has been relatively stable this week. It stood at $50.63 million on Friday, Aug. 30, with most of it coming from exchanges like Binance, Bybit, and Bitget. 

The open interest was slightly lower than this week’s high of $59.8 million. These numbers indicate that there is still some demand for Popcat among traders.

Popcat open interest | Chart by CoinGlass

Popcat’s recent retreat has mirrored the performance of many of the larger and more popular cryptocurrencies. Bitcoin (BTC) has continued to consolidate around the $60,000 level. Similarly, most meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Floki have dropped in the past seven days. 

The crypto fear and greed index, a popular measure of sentiment, has retreated from this month’s high of 59 to the neutral point of 46. Meme coins like Popcat thrive when traders are a bit greedy.

Popcat and other Solana meme coins have also faced substantial competition from the newly launched Tron (TRX) tokens. Data from CoinGecko shows that these meme coins have accumulated a market cap of over $370 million. 

Popcat crossed a key support level

Popcat price chart | Source: TradingView

Popcat token rose and peaked at $0.8072 this week and then suffered a harsh reversal, falling 21% to $0.6283, its lowest point since Aug. 23.

It dropped below the important support level of $0.6845, its highest swing on Aug. 29, and the upper side of the cup and handle pattern. It also retested the 50% Fibonacci Retracement point and formed a bullish flag pattern.

Therefore, Popcat’s price will likely have a bullish breakout, with the next point to watch being the psychological level of $0.70.

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Floki leads meme coin crash as dormant whale dumps 15b tokens

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Floki token retreated sharply on Friday, Aug. 30, making it the worst-performing meme coin in the industry.

Floki (FLOKI), the sixth-biggest meme coin, fell by over 20%, reaching a low of $0.00012, its lowest point since Aug. 21. It has dropped by over 23% from its highest point this week and by 64% from its highest point this year.

Other meme coins like Bonk (BONK), Popcat (POPCAT), and Mog Coin (MOG) were down by over 10% on Aug. 21. 

The main catalyst for Floki’s sell-off was the movement of 15.2 billion tokens worth $2.27 million by a dormant account to Binance. Such moves to exchanges are typically followed by heavy selling activity, which can trigger stop losses from other holders who will join the selling frenzy.

Data by Spotonchain shows that more big holders continued moving their Floki tokens out. Another big holder transferred tokens worth $629,000 to MEXC on Friday.

More data shows that the net outflows of Floki from both centralized and decentralized exchanges continued this week. Net outflows from CEX exchanges fell to their lowest point since Aug. 21, while those from DEXes rose to the highest level in over a week.

Floki CEX and DEX volume netflow | Spotonchain

Floki’s price action also coincided with the weakness in the crypto industry as Bitcoin (BTC) remained below $60,000. The total market cap of all coins has also dropped from over $2.3 trillion early this week to $2.09 trillion.

Launched in 2021, Floki has become one of the biggest players in the meme coin industry, with a market cap of over $1.27 billion. This growth happened as the developers worked to transition it from a mere meme coin to an active ecosystem.

They launched TokenFi, a platform for tokenizing real world assets, Floki Locker, a DeFi network with over $31 million in assets, and Valhala, a play-to-earn NFT metaverse. In an X post, the developers noted that Valhalla would enter the next phase of growth, backed by its $30 million treasury.

Floki price has weak technicals

Floki price chart | Source: TradingView

Floki maintains some weak technicals as the token formed a death cross pattern on Aug. 27 when the 200-day and 50-day moving averages crossed each other. The Percentage Price Oscillator, a unique form of the MACD, remains below the neutral point.

Therefore, Floki may continue falling as sellers target the next point at $0.0000954, its lowest point in August and 25% below Friday’s level.

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APES goes parabolic, but harsh reversal may be near

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APES, a new gaming token on Solana, is firing on all cylinders, even as the sentiment in the crypto industry wanes.

APES (APES) rose to a record high of $0.042, significantly higher than its month-to-date low of $0.000050.

According to DEX Tools, its market cap jumped to over $33.8 million, while the number of holders increased to over 17,000. Most transactions on the network were bullish, with the number of buys exceeding 15,000.

APES, which was listed on Raydium (RAY) earlier this month, soared as it became the fourth-most popular asset on CoinMarketCap and the fourth most popular token in CoinGecko.

The token’s rise was further fueled by the developers’ announcement that they had secured listing deals with several tier-2 and tier-3 exchanges. Some of the exchanges that have listed APES include BingX, MEXC, and OKX.

However, their attempts to have the token listed on Bybit and Binance, two of the biggest exchanges have not worked out yet. 

APES is at the intersection of gaming and meme coins. Like popular tap-to-earn tokens such as Notcoin (NOT) and Hamster Kombat, users install the Telegram mini app and start accumulating falling bananas and completing simple tasks like following its social media pages.

These users can then convert these tokens into fiat currencies through exchanges. A key difference between APES and other Telegram mini apps is that the developers chose Solana (SOL) instead of rival blockchains. 

Solana has become a popular chain for meme coin and game developers because of its superior speeds, low transaction costs, and the popularity of its DEX networks like Raydium and Orca.

APES token faces capitulation risks

APES token chart | Source: TradingView

It is unclear whether the APES token has more upside after going parabolic in the past few days. In most cases, new tokens tend to rally after listing and then pull back as holders capitulate.

For example, Notcoin initially jumped by over 2,000% after listing and has now pared back most of those gains. Its market cap has moved from over $2.8 billion to $906 million. Similarly, Hamster Kombat’s pre-market futures have also dropped by over 80%. 

Therefore, there is a risk that the APES rally will fizzle out as its momentum wanes. If this happens, the token may drop to the psychological point at $0.016, its lowest swing on Aug. 29.

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Rock meme coin rockets on Justin Sun speculation

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Rock, a new meme coin on the SunPump ecosystem, was one of the top-performing cryptocurrencies, driven by speculation that Justin Sun had invested in it.

ROCK (ROCK) token surged nearly 100%, reaching a high of $0.003375, which gave it a market cap of over $3.3 million.

The token’s spike followed a social media post suggesting that Sun, the founder of Tron (TRX), had invested in the meme coin. The official X account of Rock reposted the speculation, although Sun has not yet confirmed this.

A confirmation of Sun’s investment would be significant due to his influence in the crypto industry.

In addition to starting Tron, Sun also acquired BitTorrent (BTT) in 2018 and serves as a senior advisor for HTX, formerly known as Huobi. He also launched USDD, a stablecoin with over $700 million in assets. According to Arkham, Sun’s crypto portfolio is valued at over $1 billion.

Rock, which describes itself as “nothing but a useless meme coin,” is one of the top tokens vying for attention in the crypto industry. It is different from Rock, another Ethereum meme coin whose price was down by 20%.

Some of the other big tokens in the SunPump ecosystem are Sundog (SUNDOG), with a market cap of $247 million and Dragon Sun, with a valuation if $28 million. Collectively, SunPump tokens have accumulated over $366 million in value.

Additionally, SunPump trading activity has generated over $30 million in fees, less than two weeks after launch. As a result, Sun confirmed that SUN community would vote for the first revenue burn.

Still, judging by the past performance of meme coins, investing in Rock is a high-risk and high-reward activity. In most periods, meme coins surge in their initial days and then retreat when the momentum fades.

For instance, Dogecoin (DOGE) soared to $0.7587 after Elon Musk’s endorsement in 2021 but has since dropped by over 87% to $0.098. Shiba Inu (SHIB) also saw a peak at $0.000089, followed by an 85% decline.

Similarly, recently launched meme coins like Dogwifhat, Popcat, and Book of Meme saw initial gains but have since retreated by double digits.

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Only 0.76% of pump.fun wallets made $1,000 or more: CN research

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In 2024, the Solana blockchain experienced a rapid expansion in the memecoin market, with pump.fun being at the forefront. The platform captured a massive audience seeking quick profits. Crypto.news conducted an in-depth analysis of the profitability of investing in pump.fun tokens, revealing that while a few early adopters managed to secure profits, the majority of investors ultimately lost money.

Pump.fun is the leader in Solana’s memecoin ecosystem and holds 50% of the market share. It achieved this by streamlining token launches and making them both quick and easy. It also focused on ensuring a fair process for creating and trading tokens, avoiding problems like presales or team allocations.

Pump.fun operates as follows:

  • Users pick a meme coin they like.
  • They buy the coin through a bonding curve.
  • They can sell the coin anytime to either secure a profit or cut a loss.
  • If the token’s market cap hits $69,000, $12,000 of liquidity is locked into Raydium, a decentralized exchange on Solana, and then burned.

Using various queries and scripts inspired by Dune analysts @adam_tehc, @hashed_official, and @evelyn233, we developed our own versions that allowed us to gather data for this article.

Due to the ease of use and the rise in popularity, around 300,000 tokens have been created on Solana each month since March 2024. However, not all of these tokens even reach a market cap of $69,000. Over six months, 33,683 tokens made it to Raydium, while a total of 1,883,578 tokens were deployed on pump.fun. This results in a graduation success rate of only 1.79%.

The statistics for investors on the pump.fun platform paints an even grimmer picture. Out of 29,601,462 total wallets involved, a majority experienced negative outcomes:

  • 17,725,908 wallets (59.9%) recorded negative Profit and Loss (PNL). 89% of those wallets realized losses, locking in their negative returns by selling at a loss.
  • On the other hand, 11,126,772 wallets (37.6%) reported positive PNL, with 98% of these realizing actual gains.

The distribution of profits further shows the low probability of winning through memecoin investments. To provide a clearer picture of the probabilities associated with different profit levels on pump.fun, here are some realistic comparisons:

  • +$100 profit (6.47% chance): Less likely than being accepted into Harvard as an early applicant (7.8% in 2021).
  • +$1,000 profit (0.76% chance): Similar to the probability of having twins, which is around 0.4%.
  • +$10,000 profit (0.046% chance): Less likely than becoming a NASA astronaut (0.055%).
  • +$100,000 profit (0.0033% chance): Less likely than being struck by lightning in a lifetime (about 0.00653%).
  • +$1,000,000 profit (0.000540% chance): Comparable to the chance of being killed by a meteorite impact (approximately 0.0004%).
  • +$10,000,000 profit (0.000132% chance): Similar to the odds of flipping a coin and getting the same side 20 times in a row.

Many individuals are searching for a quick way to transform their financial situations, inspired by stories of random people making huge profits overnight. Unfortunately, the harsh reality is that most will lose, often catastrophically. Instead of gambling on unproven tokens, investors should focus on assets like BTC, ETH, and SOL — assets with a proven track record. These won’t turn $100 into a million tomorrow, but they will grow an individual’s wealth steadily and sustainably. At the end of the day, investing is for making money and not losing. The sooner one abandons the dream of instant riches and embraces this truth, the sooner they’ll start making decisions that truly increase their net worth. Anything else is a reckless path to financial ruin.

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Theo Crypto News

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Sundog token surges, but history hints at limited gains ahead

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The new Sundog meme coin continued its strong surge as investors continued flocking to Justin Sun’s SunPump ecosystem. 

Sundog token price soars

Sundog (SUNDOG) rose to a record high of $0.3511 on Monday, Aug. 26, before paring back some of those gains to $0.300. It remains 3,335% higher than its lowest point on Friday, Aug. 16.

This rally has pushed its market cap to over $310 million, making it the 16th biggest meme coin in the industry. It has flipped other top meme coins like Memecoin (MEME), Ponke (PONKE), and Baby DogeCoin (BABYDOGE).

Other meme coins in the SunPump ecosystem have also jumped sharply in the past few days. Fwog (FWOG) has risen from a low of $0.0122 on Aug. 20 to $0.061, giving it a market cap of over $62 million.

Additional data shows that Tron’s (TRX) ecosystem has seen a surge in activity as these tokens have continued gaining traction among investors. Sun’s total value locked rose to over $826 million, while the 24-hour volume and fees climbed to $237 million and $20 million, respectively.

Tron has also become the sixth-biggest player in the DEX industry as its weekly volume rose by 454% to $1.47 billion. 

These meme coins are benefiting the Tron ecosystem as it collects fees while trading volumes increase. The SunPump network has collected almost $20 million in fees less than two weeks after its launch. In contrast, Pump.fun, Solana’s (SOL) token generator, has made almost $100 million in the last eight months.

Most meme coins pump then dump

Dogwifhat vs Book of Meme vs Bonk | Chart by TradingView

Sundog’s rally is also being fueled by a shift in sentiment among crypto investors after Federal Reserve Chair Jerome Powell hinted that the bank might start cutting interest rates in its September meeting. Bitcoin (BTC) rose to $64,000, while the total market cap of all cryptocurrencies jumped to $2.25 trillion.

Still, there is a risk that the surge in Sundog and other Tron meme coins may be short-lived. For example, Dogwifhat (WIF) token soared by over 2,000% between February and March and has now erased most of its gains. 

This pattern occurs as the initial hype among traders fades and as early buyers start taking profits, leaving most traders holding the bag.

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Sun Token pump gains speed but a reversal might be near

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Sun Token price continued pumping on Friday, Aug. 23, making it one of the best-performing cryptocurrencies this week. 

Sun (SUN) surged to a high of $0.028, marking its highest level since December 2021 and a staggering 526% increase from its lowest point in 2023. Its market capitalization has grown significantly, rising from $101 million on Aug. 17 to over $276 million.

Sun’s jump mirrored the performance of other tokens in Justin Sun’s ecosystem. Tron (TRX) rose to $0.1660, its highest level since May 2021. Similarly, BitTorrent (BTT) soared to $0.0000010 while Just (JST) reached $0.034, 40% above its lowest level this year.

SUN’s price surge is supported by the recovery in the total value locked (TVL) in its DeFi platform, which has reached $758.7 million, the highest level since November 2022.

Traders hope that Sun’s ecosystem could see robust growth as we saw with Solana’s Raydium network as its meme coins gained popularity. In that period, Raydium has become a top-ten Decentralized Exchange, handling billions of volumes each month. 

According to DeFi Llama, the total volume handled in Tron’s DEX ecosystem rose by over 558% in the last 7 days to a record high of over $915 million. Most of this volume was in SunSwap V3, which handled $140 million followed by V2, which processed $42.60 million. 

SUN also benefited from comments made by Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium. Powell hinted that the Fed might start cutting interest rates in September, which spurred further gains in the crypto market, with Bitcoin (BTC) rising to $62,000.

Sun Token price 

Sun Token price | Chart by TradingView

Sun rose for the second consecutive day, crossing the crucial resistance point at $0.018, its highest swing on March 14. It has soared above all moving averages and the SuperTrend indicator. 

The Average Directional Index has risen to 52, its highest level since June 6. An ADX above 50 typically indicates strong momentum.

The Relative Strength Index and the Stochastic Oscillator have both entered extreme overbought territory. Given these signals, SUN is likely to continue rising in the short term, but a reversal may occur as investors begin to take profits. The key psychological level to watch will be $0.030.

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Theo Crypto News

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DADDY token rises as Andrew Tate’s Polymarket odds improve

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The Andrew Tate-themed cryptocurrency, DADDY Tate (DADDY), was among the top gainers on Aug. 23, as traders closely followed Tate’s ongoing legal issues in Romania.

DADDY Tate (DADDY) surged by over 26%, reaching a high of $0.0795, its highest point since Aug. 15, and marking a 55% increase from its lowest level this month.

This rebound occurred alongside a strong comeback in several Pump.fun coins like Michi (MICHI), Smoking Chicken Fish (SCF), and Fwog (FWOG), which have rallied by 23%, 57%, and 80% in the last seven days.

The primary catalyst for DADDY’s surge was Andrew Tate’s recent legal challenges in Romania. On Thursday, a Romanian court placed Tate under house arrest following fresh allegations of sexual and human trafficking. As a result, Tate is now restricted to his home for 30 days.

In an X post, Andrew Tate defended himself, claiming that all accusations were false and hinting at potential corruption in Romania.

Most social media users have expressed support for Tate and his brother, Tristan Tate, who also faces similar accusations. In a post, Valentina Gomez noted that Romanian investigators had carried out investigations for three years and “found nothing”

Therefore, the DADDY token rose because of the hype his arrest generated. Data by Google Trends shows that the search for the name Andrew Tate rose to the highest point since March this year. Most of this traffic was from Albania, UK, Ireland, and Romania. 

Andrew Tate Google Seach Trends | Source: Google

The token also rose after the prediction market estimated that Tate would not be found guilty of human trafficking this year. That probability rose to 37% on Aug. 21 and then retreated to 10% in Polymarket. 

DADDY token gains could be short-lived

DADDY price chart | Source: TradingView

DADDY price was trading at $0.075 on Friday, a few points above the 50-period Exponential Moving Average. 

That price was an important resistance level that it failed to move above since Aug.14. Its volume has remained in a downward trend after peaking on Aug. 15. 

Therefore, the most likely scenario is where it pulls back in the next few days as Tate’s arrest news fade. If this happens, it will drop to $0.0655, its lowest swing on Aug. 11 and Aug. 16.

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