Meme Coin Market Rotates Amid Short-Lived Gains and Sharp Drops

The meme coin market is experiencing a downturn, with its market cap down by about 4% on September 29. The large-cap tokens are not doing much better, with most of them treading water. $PUMP is a notable exception, thanks to the news that Pump.fun took in $2.11 million in fees over 24 hours and returned $1.24 million to holders through buybacks.

The smaller tokens are experiencing bigger gains, but these are often short-lived. For example, Baby Cali (Solana) saw a gain of around 11,400% on September 29, but is now down by 17%. Shareholder Cat (SHCAT) and Pevlunora have also seen significant gains, but their prices are fragile due to low liquidity.

The market for meme coins is divided, with some tokens experiencing sharp drops. $DOG, $SPX, and $NPC are down by 11-14% over the past day. The overall cryptocurrency market has also weakened, with a decline of 1.7% in its market cap.