The Memecoin Sector’s market capitalization has fallen to levels last seen in July, as the meme-based cryptocurrency struggles to recover from losses incurred in the crypto market’s sharp crash on Friday.
CoinMarketCap data out That on October 11, the memecoin sector dropped to a low of $44 billion, nearly a 40% drop from $72 billion the previous day. On October 12, the Memecoin Market posted a slight recovery to $53 billion, a level last seen in July before a Solana-based Memecoin Frenzy ignored the sector’s late-summer 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, fueled by Solana and the BNB chain. However, the recent plunge marked a shift in momentum.
At the time of writing, the memecoin sector’s market cap is hovering at $57 billion, much lower than its recent presentations.
Top memecoins are struggling to recover from Friday’s bloodbath
According to CoinmarketCap, the top 10 Memecoins account for nearly $47 billion, more than 82% of the sector’s total market capitalization. At the time of writing, all these tokens are trading in the red, both on the 24-hour and seven-day charts.
The biggest meme token like Dogecoin (Doge), Shiba Inu (Shib) and pepe (Pepe) All posted weekly losses ranging from 13–22%. Other top ranked memecoins like Bonk (Bonk) and floki (Flokes) is down more than 20% in the past week.
Donald Trump’s official US Memecoin Token was also hit by the crash and is now down 20% on the weekly chart.
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Other sectors stabilized quickly after the market crash
While memecoins are still recovering from the post-crash, many other sectors have shown signs of faster stabilization and recovery.
Just a day after the crash, non-destructive tokens (NFT) started bouncing back. During the market selloff, the overall value of the NFT space dropped by 20%, with nearly $1.2 billion in value removed from the sector. However, the niche recovered quickly, immediately regaining 10% the day after the crash.
Crypto exchange-traded funds (ETFs) also quickly attract fresh inflows after a wave of outflows Following the recent market meltdown. On Tuesday, the Spot Bitcoin ETFS saw $102 million in net inflows, while the ether ETF recorded $236 million in net inflows.
More established cryptocurrencies will also recover quickly. Bitcoin (BTC) that dropped to $102,000now trading above $111,000, according to Coingecko. Ether (Eth), which declined below $3,700, recovered to levels above $4,000.
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