It’s Election Day in the U.S., and with the world watching and taking crypto punts on prediction markets and the Pump.fun lottery, meme coins are very hot again right now.
TL;DR
- Meme coin market cap dipped 3% before U.S. elections
- Death of Peanut the squirrel leads to launch of meme coins
- 97% of meme coins are now considered "dead"
- Bitcoin layer-2 is integrating cross-chain Bitcoin Runes
- Shiba Inu’s burn rate spiked by over 6,000%
7-Day Meme Coin Market Snapshot
It’s Election Day in the U.S., and with the world watching and taking crypto punts on prediction markets and the Pump.fun lottery, meme coins are very hot again right now. With Donald Trump now confirmed as the next (pro-crypto) U.S. president, everyone agrees that things are about to get wild in Memecoinlandia.
Still, the overall meme coin market cap was down around 3% over the last seven days, from almost $65 billion to about $63 billion, as Bitcoin and the biggest altcoin cryptocurrencies offer less risky investments.
The top meme coins also dropped, followed by a significant spike.
Source: CoinMarketCap
Top Meme Story of the Week
The Peanut the Squirrel story has gone viral after New York officials 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 poor old Harambe’s death, attracted the attention of several public figures, including Tesla’s Elon Musk and Congressman Nick Langworthy.
Several meme coins were then launched to capitalize on the mindshare. One of these coins was Peanut the Squirrel (PNUT) which saw an astronomical surge after Musk’s tweet.
It went from a $3 million market cap to $140 million in less than 24 hours. Since the wild pump, the price nosedived and is at a market cap of $44 million at the time of writing.
One savvy trader made $1.7 million on PNUT in just two days.
Crypto top-shelf picks like Bitcoin, Ethereum and Solana dropped, as uncertainty over the U.S. presidential election results rose but then recovered. As expected, the market has been anything but volatile.
Bitcoin finally broke its all-time high (ATH) after it bounced from about $66,000 with the election underway.
Meme Coin Market vs Other Crypto Sectors
According to DeFiLlama’s Narrative tracker, the meme coin sector is back in first place over the last seven days, taking over from PolitiFi which was leading up to the U.S. presidential election.
The 30-day trajectory for meme coins as a narrative is also up, rising almost 47%.
Source: DeFiLlama
Top 20 Meme Coin Leaderboard
Source: CMC Meme Coins Page
Meme Coin Charts: 7-Day Insights
Most top meme coins are down for the week as market leader Dogecoin continues to ride Donald Trump and Elon Musk’s Director of Government Efficiency wave of support. With Bitcoin so strong right now, smart money has moved to blue chip cryptos for the time being.
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Biggest Gainers (Last 7 Days):
Top Losers (Last 7 days):
- Popcat (POPCAT): -15%
- BabyDogeCoin (BabyDoge): -12%
- SPX6900 (SPX): -10%
- Dogwifhat (WIF): -9%
- Brett (BRETT): -8%
Meme Coin Cemetery
Since Dogecoin’s launch in 2013 and Shiba Inu's breakthrough success in 2020, hundreds of thousands of meme coins have been launched as the masses pile into speculative lottery-like punts. However, only a handful like Dogecoin, Shiba Inu, Pepe and BONK have remained relevant after more than a couple of years.
Binance Research reported that 97% of meme coins go belly up soon after launching, advising caution as they often lack real-world utility and are prone to scams and rug-pulls by anonymous developers.
Source: iStock
Meme Coins by Chain
Ethereum Memes
- DOGE outperformed the top 10 cryptocurrencies by market cap again for the third consecutive week.
- Pepe is the first meme coin officially listed on the Japanese cryptocurrency exchange.
Solana Memes
- Fwog (FWOG) soars to a new all-time high after a centralized exchange listing on the Solana network.
- GOAT dumps after a hack.
Terminal of Truths founder Andy Ayrey has fallen victim to a hack, with his account on X compromised to promote a scam token. The hacker got away with $600,000 in profits.
Source: cryptonews
Tron Memes
Growth in Tron’s meme coin sector boosts revenue as it hits $205 million for October.
SUI Memes
It’s been a tough week for SUI meme coins, with its biggest memes Suideng and Suilama suffering a 16% and 44% drop.
Bitcoin Memes
Ordinals OG Leonidas has been fighting hard to get DOG listed on centralized exchanges, without paying the hefty fees demanded.
Meme Coin News
Wiz Khalifa’s Account Gets Hacked To Promote Fake WIZ Meme Coin
Rapper Wiz Khalifa’s X account was reportedly also hacked to promote a fake WIZ coin on the Pump.fun platform. Blockchain sleuth 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 surged in value, but quickly crashed as early holders sold off, causing a market cap collapse from $2.5 million to under $28,000 within an hour.
ZachXBT warned followers against buying and Khalifa’s team has not yet confirmed regaining control of the account at the time of writing.
Shiba Inu burn rate soars over 6,000% in a week
Shiba Inu (SHIB) saw its burn rate increase significantly, rising 6,153% over the last seven days. Shibburn X account’s latest hourly update shows that 5,7 billion SHIB tokens were burned.
This massive burn was achieved by contributions from the community and token burns from different projects within the ecosystem, U.Today reports.
What You Can Do Next
- Be careful 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 consider Binance Research's warning that 97% of meme coins fail
- Track viral social media stories (like Peanut) that could spark new meme coin launches
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