Meme Coin Market Drops by 4% as Large Caps Tread Water
The meme coin market is experiencing a rotation, rather than a rally, as its market cap drops by about 4% in a day. The large caps are mostly treading water, with PUMP being the standout due to Pump.fun's fee and buyback data.
The biggest 24-hour gains sit in hours-old, thinly traded tokens such as Baby Cali and Shareholder Cat, which have already reversed their gains. DOG, SPX, and NPC are down by 11-14%, indicating that without a broad meme season, the market rewards short-lived catalysts and punishes late entries.
The market for meme coins is divided but active, with established Solana tokens seeing recent gains. However, the industry as a whole has weakened, and quick trades have reversed in a matter of hours. The market cap of the meme category was around $35.2 billion on September 28, down 4.2% from the previous day.