The memecoin market continues its downward spiral, with double-digit declines hitting several popular tokens over the past week. Among the hardest hit are PEPE, BRETT, and Dogwifhat.
PEPE’s Plunge: Down 23% in Seven Days
PEPE aimed to overthrow the dog-themed coins with its bold motto: “The Inus had their day. It’s time for the most recognizable meme in the world.” This strategy worked for a while, with PEPE reaching multiple all-time highs during the memecoin season and becoming the third most valuable fun currency on Ethereum, after Dogecoin and Shiba Inu. At its peak, PEPE’s market capitalization was $7 billion. However, it has since dropped by 50%, losing 23% in just the past week.
PEPE’s creators remain anonymous, and there is no official team or roadmap. The coin was inspired by the popular internet meme character “Pepe the Frog,” which gained popularity in the early 2000s. Despite its current struggles, PEPE is held by approximately 250,000 people, with the largest individual wallet holding around 1.6% of the total supply.
Dogwifhat’s Decline: Down 20% in Seven Days
Dogwifhat has also been significantly impacted, with a 20% decline last week, continuing a steady downward trend. It is now 65% below its all-time high from March 31, 2024. Despite this, Dogwifhat quickly became a favorite in the crypto market, especially within the Solana community, and was even supported by prominent influencers like Ansem and Hsaka.
Currently, around 163,000 people hold Dogwifhat. The supply is relatively evenly distributed, with only one whale holding more than 2%. Its market capitalization stands at approximately $1.7 billion.
BRETT’s Setback: Down 23% in Seven Days
BRETT, one of the newest memecoins, launched on the BASE blockchain in February 2024 and quickly achieved a market capitalization of over $1 billion. This token has become somewhat of a mascot for the BASE ecosystem.
Designed by Matt Furie, the creator of the PEPE meme, BRETT has no official connection to Furie. This week, BRETT lost around 25% of its value and is currently 37% below its all-time high from June 9, 2024. Despite the recent decline, BRETT has over 600,000 holders, surpassing both PEPE and Dogwifhat. The largest individual whale holds just over 1% of the total supply.
Conclusion
The memecoin market is experiencing significant turbulence, with PEPE, Dogwifhat, and BRETT facing substantial declines. Investors and enthusiasts are closely monitoring the situation, hoping for a recovery in the near future.
