TL;DR
In a most unfortunate twist of fate, our beloved meme coins have taken a nosedive, mirroring the broader cryptocurrency calamity, as Bitcoin flirted with the abyss below $95,000.
Tokens tied to the whims of public figures, such as MOTHER, DADDY, and TRUMP, have plummeted in recent months, serving as a cautionary tale for those entranced by the siren song of hype-driven investments.
Memes Take a Blow
Meme coins, those whimsical tokens that once danced in the limelight of this bull cycle, have now found themselves in a rather unfortunate predicament. The top 10 tokens, including the ever-popular Dogecoin (DOGE) and Shiba Inu (SHIB), are now drenched in crimson on the weekly charts. Today, February 12, offers no glimmer of hope, as most memes continue their downward spiral.
Among the most tragic casualties are dogwifhat (WIF), Fartcoin (FARTCOIN), Pepe (PEPE), and Pengu (PENGU), all of whom have plummeted by double digits in the past 24 hours. Oh, the humanity! 😱
This sector’s retreat is in perfect harmony with the overall bearish sentiment that has gripped the cryptocurrency market. Bitcoin (BTC) has briefly dipped below the $95,000 mark, while Ethereum (ETH) and a host of other well-known altcoins continue to suffer substantial losses. It’s like watching a slow-motion train wreck, but with more memes!
Another culprit in this tragicomic tale could be the waning interest from investors. Just this week, the crypto analytics oracle Santiment revealed that top meme coins like Dogecoin, Shiba Inu, and Pepe are being discussed less and less on social media. Perhaps they’ve been relegated to the digital attic of forgotten trends?
However, fear not! The traders’ potential pivot from meme coins toward Bitcoin and “assets with strong utility and market positions” suggests a healthier cycle. Who knew that a little common sense could be so refreshing?
“This shift encourages a more balanced ecosystem, reducing the risk of unsustainable price surges and crashes fueled purely by speculative mania,” it added. Wise words indeed!
Celebrity Memes Crash Even Harder
In the past few months, the crypto community has been treated to a veritable circus of meme tokens associated with (or endorsed by) public figures. Two prime examples are MOTHER (linked to pop star Iggy Azalea) and DADDY (the brainchild of the controversial media personality Andrew Tate). What a delightful mess!
The former burst onto the scene in May last year, with its market cap soaring above $130 million in mere weeks. But alas, the current capitalization now languishes at less than $8 million. Talk about a fall from grace! 😅
It’s worth noting that the launch of MOTHER raised more than a few eyebrows, prompting Ethereum’s co-founder Vitalik Buterin to quip:
“I’m feeling quite unhappy about this cycle’s celebrity experimentation so far. […] Ashton and Mila’s Stoner Cats was vastly more honorable than anything we’ve seen from this 2024 celebrity meme coin era – at least there was an actual show being funded.”
DADDY, the token championed by Andrew Tate, made its grand entrance in June 2024, and like MOTHER, it too crossed the $100 million threshold in a matter of days. At one point, the influencer urged traders to hoard as many assets as they could in a mere 72 hours, claiming he had concocted a “grand plan.” Spoiler alert: it didn’t work out quite as planned!
In a twist of fate, DADDY gradually headed south in the following months, now hovering at a mere $20 million. A true tragedy of Shakespearean proportions!
And let’s not forget TRUMP and MELANIA, who also deserve a mention. These assets, linked to the illustrious US President Donald Trump and his wife, Melania, experienced a meteoric rise around the Republican’s inauguration last month. TRUMP’s market cap briefly soared above $14.5 billion, making it the second-biggest meme coin, while MELANIA’s capitalization exceeded $2 billion. But like all good things, their bull run was short-lived, and both tokens are now far
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2025-02-12 14:45