The overall market capitalization of memecoin fell by about 30% in December, indicating a slowdown in momentum and demand for meme-based tokens.
Data from CoinMarketCap shows that memecoin's total market capitalization was $120.14 billion on December 1. This rose to a high of $137.06 billion on December 9 before falling to a low of $92.67 billion on December 23. This marked a 32.38% decline in market capitalization for the month.
Overall market capitalization of meme platform tokens. Source: CoinMarketCap
At the time of writing, memecoin's overall market capitalization is $98.72 billion, down 18% from its performance at the beginning of the month.
Pepe and exchange listings fuel memecoin growth in December
Pepe (PEPE), the third largest memecoin by market capitalization, mirrors the price movements of the overall memecoin market. Data from TinTucBitcoin shows Pepe peaked at $0.000026 on December 9 but fell to $0.000017 on December 20.
30-day price chart of memecoin Pepe. Source: TinTucBitcoin
On December 4, Binance.US listed Pepe as the digital asset exchange competes for a share of the lucrative memecoin market. In addition to Binance, Coinbase also listed tokens such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF) in December.
After listing on Binance's US arm, Pepe's price reached an all-time high, surpassing Uniswap Token (UNI) in market capitalization on December 7. At the beginning of 2024, the memecoin had a market capitalization of approximately $591 million. After listing, the token's market capitalization surpassed $11 billion, representing an 18-fold increase since the beginning of the year.
Trader Makes Millions Investing in Pepe
Over the past year, savvy traders have invested in memecoin Pepe and made millions as the token has surged in value. In April, a crypto trader spent $3K to buy the meme platform’s token. A month later, the trader’s Pepe investment was worth $46 million as the token saw a more than 15,000x increase in price.
In December, a trader who spent $27 on Pepe tokens and didn’t touch them for more than 600 days finally touched his holdings. The wallet moved about $52 million worth of Pepe tokens to a new address. According to blockchain analytics firm Lookonchain, the trader saw a 1,900,000x return on their initial investment.
$PEPE DYOR! #Write2Win #Write&Earn
