According to a media report, the total market capitalization of the memecoin sector has dropped to July levels, with tokens based on memes still struggling to recover from the losses caused by the severe crash in the cryptocurrency market on Friday.
According to data from CoinMarketCap, on October 11, the market capitalization of the memecoin sector fell to 44 billion, a nearly 40% decline from the previous day's 72 billion. On October 12, the memecoin market slightly rebounded to 53 billion, a level not seen since July, earlier than the Solana ecosystem's memecoin craze that triggered a late-summer rebound in the sector.
Over the past four months, the total market capitalization of the memecoin market has remained above 60 billion, driven by Solana and BNB Chain, with tokens based on memes continuously attracting retail attention. However, the recent crash marks a turning point in market sentiment.
As of the time of writing, the total market capitalization of the memecoin sector is 57 billion, still far below recent levels.
According to CoinMarketCap, the top ten memecoins have a combined market capitalization of about 47 billion, accounting for over 82% of the sector's total market capitalization. As of the time of writing, these tokens are in a downward trend on both the 24-hour and seven-day charts.
Top memecoins like Dogecoin, Shiba Inu, and Pepe have seen declines of between 13% and 22% this week. Other mainstream memecoins like Bonk and Floki have dropped over 20% in the past week.
The official memecoin token of U.S. President Trump has also been affected by this crash, with a weekly decline of 20%.
The memecoin sector is still digesting the impact of the crash, while some other sectors have stabilized and recovered more quickly.
Just one day after the crash, the non-fungible token (NFT) sector began to rebound. During the market sell-off, the overall value of the NFT sector dropped by 20%, with a market capitalization shrinkage of about 1.2 billion. However, the sector quickly recovered, rebounding by 10% on the same day as the crash.
Cryptocurrency exchange-traded funds (ETFs) also quickly attracted new inflows. On Tuesday, the spot Bitcoin ETF recorded a net inflow of 102 million, while the Ethereum ETF recorded a net inflow of 236 million.
Mainstream cryptocurrencies also experienced a rapid rebound. According to data from CoinGecko, Bitcoin fell to a low of 102,000 but has since rebounded to over 111,000. Ethereum dropped to a low of 3,700 but has since risen to over 4,000.
Related: 95% of institutional Ethereum purchases occurred in the third quarter—could this be the start of an ETH supercycle?
Original article: “Memecoin Market Retreats to July Levels, Overall Market Struggles to Recover”
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