- Meme Coin Market Cap Dropped 3% Ahead of US Elections
- Death of Peanut the Squirrel Leads to Launch of Meme Coins
- 97% of meme coins are now considered “dead”
- Bitcoin Layer 2 Integrates Cross-Chain Bitcoin Runes
- Shiba Inu burn rate increased by over 6,000%
It’s Election Day in the United States, and while the whole world is watching and taking crypto bets on prediction markets and the Pump.fun lottery, meme coins are very popular again right now. While Donald Trump is now confirmed as the next (pro-crypto) US president,
everyone agrees that things are about to get crazy in Memecoinlandia.
Nonetheless, the overall coin market cap has declined by about 3% over the past seven days, from nearly $65 billion to around $63 billion, as Bitcoin and the largest altcoin cryptocurrencies offer less risky investments.
Major meme coins also fell, followed by a significant spike.
The story of Peanut the squirrel went viral after New York authorities seized and euthanized Peanut and a raccoon named Fred due to public health concerns. Peanut was famous on social media with over 600,000 followers.
The outrage, reminiscent of the death of poor old Harambe, has attracted the attention of several public figures, including Tesla’s Elon Musk and Congressman Nick Langworthy.
Several meme coins were later launched to capitalize on mindshare. One such coin was Peanut the Squirrel (PNUT), which saw an astronomical rise after Musk’s tweet.
It went from a market capitalization of $3 million to $140 million in less than 24 hours. Since the wild surge, the price has fallen and stands at a market cap of $44 million at the time of writing.
A savvy trader made $1.7 million on PNUT in just two days.
High-end crypto picks like Bitcoin, Ethereum and Solana fell, as uncertainty over the results of the US presidential election increased, but later recovered. As expected, the market was anything but volatile.
Bitcoin finally broke its all-time high (ATH) after rebounding from around $66,000 while the election was underway.
According to DeFiLlama’s Narrative Tracker, the meme coin sector returned to the top spot over the past seven days, taking over from PolitiFi leading into the US presidential election.
The 30-day trajectory of meme pieces as a narrative is also on the rise, up nearly 47%.
Source: CMC Memes Page
Most major coins are down for the week as market leader Dogecoin continues to ride the wave of support from Donald Trump and Chief Government Efficiency Officer Elon Musk. With Bitcoin so strong right now, the smart money has shifted to blue-chip cryptos for the time being.
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Biggest winners (last 7 days):
Best losers (last 7 days):
Since the launch of Dogecoin in 2013 and the groundbreaking success of Shiba Inu in 2020, hundreds of thousands of meme coins have been launched as the masses pile into speculative, lottery-style gambling games. However, only a handful of them, like Dogecoin, Shiba Inu, Pepe and BONK, have remained relevant after more than a few years.
Binance Research reported that 97% of meme coins crash shortly after launch, advising caution as they often lack real-world utility and are prone to scams and rug pulls by anonymous developers.
Ethereum memes
- DOGE once again outperformed the top 10 cryptocurrencies by market capitalization for the third week in a row.
- Pepe is the first meme coin officially listed on the Japanese cryptocurrency exchange.
Solana Memes
- Fwog (FWOG) hits a new all-time high after a centralized exchange listing on the Solana network.
Terminal of Truths founder Andy Ayrey was hacked, with his account on X compromised to promote a fraudulent token. The hacker walked away with $600,000 in profits.
Tron Memes
The growth of Tron’s coin business increases revenue as it reaches $205 million for October.
SUI Memes
It’s been a tough week for SUI coins, with its biggest memes Suideng and Suilama suffering declines of 16% and 44%.
Bitcoin Memes
Ordinals OG Leonidas fought hard to get DOG listed on centralized exchanges, without paying the high fees required.
Wiz Khalifa’s Account Hacked to Promote Fake Coin WIZ Meme
Rapper
Wiz Khalifa’s X account was also allegedly hacked to promote a fake WIZ coin on the Pump.fun platform. Blockchain detective ZachXBT suspects the same hacker who recently hijacked Truth Terminal founder Andy Ayrey’s account is responsible.
The hacker used Khalifa’s account to advertise the WIZ coin, which initially rose in value but quickly collapsed when early holders sold out, causing the market cap to collapse by 2.5 million dollars to less than $28,000 in an hour.
ZachXBT warned his followers against purchasing and Khalifa’s team has yet to confirm regaining control of the account as of this writing.
Shiba Inu burn rate jumps over 6,000% in one week
Shiba Inu (SHIB) has seen its burn rate increase significantly, up 6,153% over the past seven days. The latest hourly update from the Shibburn X account shows that 5.7 billion SHIB tokens have been burned.
This massive engraving was made thanks to community contributions and symbolic engravings from different projects within the ecosystem, reports U.Today.
- Beware of social media accounts that promote scam meme tokens
- Watch Bitcoin’s ATH price action as it may affect meme coin allocation
- Keep an eye on SHIB’s burn rate and its effect on its price
- Invest in quality and heed Binance Research’s warning that 97% of meme coins fail
- Follow viral stories on social media (like Peanut) that could spark the launch of new meme coins
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