BlockchainMemecoin Meltdown: PEPE, BRETT, and WIF Take a Hit

Memecoin Meltdown: PEPE, BRETT, and WIF Take a Hit

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 Plunge: Down 23% in Seven Days

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.

Dogwifhat’s Decline: Down 20% in Seven Days

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.

BRETT’s Setback: Down 23% in Seven Days

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.

Jason Norton
Jason Norton
Jason Norton is a seasoned journalist at NewsAlarms, specializing in fintech, finance, and startup news. With a passion for uncovering the latest trends and innovations in these dynamic fields, he brings insightful perspectives to our readers

Latest news

The Five Most Exciting Memecoin Listings of 2024

Discover the Latest Memecoin Listings: PIXFI, LUMBER, and More in 2024 The world of cryptocurrency continues to evolve with the...

Maximize Your Crypto Gains with These 2024 Portfolios

Discover the Top Crypto Portfolio Additions for 2024 Introduction The world of cryptocurrency thrives on buzz and popularity. As a coin...

HamsterBase: Introducing NFTs to Revolutionize Battle Royale

Explore HamsterBase: An NFT-Driven Battle Royale Adventure Welcome to HamsterBase, an exciting new game that blends the intensity of PVP...

Is Elon Musk Set to Surprise the 2024 Bitcoin Conference?

As anticipation grows for the 2024 Bitcoin Conference in Nashville, Tennessee, speculation is mounting about a potential surprise appearance...

Bitcoin Surges to $68,000 Following Surprise Interest Rate Cut by China

Bitcoin experienced a brief decline on Sunday following U.S. President Joe Biden's announcement that he will not seek a...

Will the Ethereum ETF Push Prices to a $5,000 High?

CBOE Set to Introduce Five Spot Ethereum ETFs on July 23 The Ethereum ETF is making headlines again as the...

Must read

The Five Most Exciting Memecoin Listings of 2024

Discover the Latest Memecoin Listings: PIXFI, LUMBER, and More...

Maximize Your Crypto Gains with These 2024 Portfolios

Discover the Top Crypto Portfolio Additions for 2024 Introduction The world...

HamsterBase: Introducing NFTs to Revolutionize Battle Royale

Explore HamsterBase: An NFT-Driven Battle Royale Adventure Welcome to HamsterBase,...

Is Elon Musk Set to Surprise the 2024 Bitcoin Conference?

As anticipation grows for the 2024 Bitcoin Conference in...

Bitcoin Surges to $68,000 Following Surprise Interest Rate Cut by China

Bitcoin experienced a brief decline on Sunday following U.S....

You might also like
Recommended to you