Meme Coin Market Tumbles Amid Macro Pressures
The meme coin market experienced a downturn this week as macroeconomic pressures weighed on risk assets. According to CoinMarketCap data, the total meme coin market capitalization fell nearly 1% to roughly $37.75 billion.
Large-cap meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) declined by around 6.5%, 8%, and 9.5% respectively, while MemeCore (M) bucked the trend with a gain of nearly 4%. The Official Trump (TRUMP) token fell about 15%.
Despite this decline, some meme coins are pushing towards real-world use cases. Solana drew deeper interest from institutional finance firms and saw its real-world asset market cap rise 43% quarter-over-quarter to $2.01 billion. Dogecoin also leaned into payment and application-layer use cases with the introduction of a Dogecoin-themed debit card by Revolut.