Meme Coin News: Top 10 Tokens Fall 64% in a Year, PolitiFi Outperforms Meme Coin Category

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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Last updated: 

September 1, 2024

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Meme Coin News: Market Highlights

The meme coin market capitalization fell nearly 5% over the past 24 hours to $39 billion.

Very few coins are green today. Among them, Neiro (NEIRO) is the best performer, with a 49.5% increase to $0.00007643.

RyuJin (RYU) and Fwog (FWOG) also appreciated over 30%, while the rest of the green list – the remaining four coins – are up between 6% and 24%.

At the top of the red side, we find ETHEREUM IS GOOD (EBULL). It fell 33% to the price of $0.00168.

Apu Apustaja (APU) and Billy (BILLY) both dropped around 19.5%, and eight other coins recorded double-digit falls.

Looking at the top 10 meme coins per market cap, we find them all in red.

Floki Inu (FLOKI) fell the most among the ten. It’s down 4.4% to the price of $0.00012.

Coq Inu (COQ) follows with its own 4% drop, while the smallest drop is Bonk (BONK)’s 1.2%.

The top four coins decreased by 2%-3%.

Dogecoin (DOGE) is down 3.3%, currently trading at $0.09636, and Shiba Inu (SHIB) fell 2.2% to $0.00001.

Top Meme Coins Fell 63.7% on Average in a Year

All major meme coins have seen their prices drop from their 52-week high, according to data provided by cryptocurrency analytics platform Lookonchain.

DOGE fell some 75% from the yearly high to the yearly low, and 58% to the current price.

SHIB is down 85.3% to the yearly low, as well as nearly 71% to its current price.

Looking at the column that shows drops from the 52-week high to the 52-week low, we find that BRETT is down just below 90%, while the rest of the list is above that percentage.

Overall, the average drop for the ten coins is 92.85%.

Now, observing the drops to the current price, we find the average fall for the top ten meme coins standing at 63.73%.

The lowest decrease in this category is POPCAT’s 43.77%, while the highest is BOME’s 79.48%.

PolitiFi Coins Outperformed Meme Coins in 2024

Political Finance (PolitiFi) coins are a subset of the broader meme coin category.

Between January 1 and August 25, 2024, the PolitiFi coins category outperformed the broader meme coin category.

The former increased 782.4%, according to a report by CoinGecko, while later rose 90.2% during the same period.

Notably, however, meme coins overall still “dwarf” the PolitiFi sector.

As of August 25, PolitiFi had a 1.5% market share of the meme coin category, with a $680.8 million market cap.

The meme coin sector’s market cap, however, was $45.6 billion, said the report.

PolitiFi saw its peak on June 16, with 3.3% of the meme coin sector and a market cap of $1.6 billion.

Meanwhile, numerous PolitiFi tokens were created as the interest in the US political scene grew.

“While the majority are created for satire purposes, some have applied transaction fees to support the project and political causes it aligns with,” the report noted.

MAGA (TRUMP) is an example, as it uses its revenue to directly contribute to the former president and current candidate Donald Trump’s Ethereum wallet and associated charities.

That said, per the report, the PolitFi tokens’ price action is “closely linked to political events, where developments can significantly impact their value.”

ConstitutionDAO Rules the PolitiFi List, Followed by TRUMP and MAGA

Three coins stand at the very top of the PolitiFi category, according to a recent report by CoinGecko.

And while the other two may not be surprising, given the current interest in the turbulent (to say the least) US politics, the first one just could be.

As of August 25, the largest PolitiFi coin was ConstitutionDAO (PEOPLE).

At that point, it had a market cap of $385.6 million.

It went up 494.3% from the start of 2024, from $64.9 million to $385.6 million.

The project shut down in June last year, saying it “has run its course” and refunding the contributors.

“Despite being defunct, it has managed to maintain its lead over the PolitiFi scene,” the report stated.

The second largest PolitiFi meme coin is MAGA (TRUMP). Its market cap was $178.9 million, rising 1,350.9% from $12.3 million at the beginning of the year.

“However, this is a far cry from its all-time high of $789.8 million on June 1,” the report said.

It coincided with Trump being found guilty of 34 counts of hush money payments, and with the verdict out, TRUMP increased by 22.3% to its all-time high.

Lastly, MAGA Hat (MAGA) is the third largest coin in this category, with a market value of $35.5 million. It was created in May 2024, rising 1,292.1%, from $2.6 million.

It recorded its all-time high of $232.4 million on May 29, “having a similar price action to MAGA (TRUMP).”