Meme coins face steep meltdown amid broad market decline
Shiba inu, cat in a dogs world, pepe, and popcat have fallen to levels not seen since 2024.
The crypto market is in a downturn, with bitcoin hitting its lowest price since June, and the animal kingdom of meme coins is not exempt.
Shiba inu is at an almost 21-month low, as its current price was last seen in February 2024.
Cats in a dogs world is at a 19-month low, as its current price was last seen in March 2024.
Pepe and popcat are both at an 18-month low, as their current prices were last seen in April 2024.
Pnut is at a price last hit nearly a year ago, in November 2024.
Bonk is at an almost seven-month low, at a price last seen in April 2025.
Dogwifhat, Floki , and Moo Deng are all at roughly six-month lows.
Dogecoin and pengu are at almost four-month lows, with prices last seen in July 2025.
“The whole market is down bad [right now], and memes are leveraged crypto,” according to Ogle, the pseudonymous cofounder of blockchain ecosystem Glue. “So when BTC goes up, it’s often the case memes go up 10x faster. If BTC goes down, it’s often the case memes go down 10x faster,” Ogle told Sherwood News.
The fully diluted market capitalization of the meme coin sector has dropped 48.4% year to date, data from blockchain analytics firm Artemis shows.
Reduced speculative demand
Kelly Ye, deputy chief investment officer of Avenir Group, said the meltdown from meme coins highlights both cyclical and structural changes in the market.
“Long-term holders, driven by the belief in bitcoin’s four-year cycle theory, continue to offload positions into year-end, adding pressure to broader risk sentiment,” Ye told Sherwood. “At the same time, equities — especially AI-related stocks and publicly listed crypto companies with tangible revenue — are drawing liquidity and investor attention away from purely narrative-driven tokens.”
The October crash has produced a lingering caution that has diminished speculative demand, “while mainstream adoption has redirected focus toward crypto businesses with real use cases and sustainable revenue models rather than meme-driven assets,” Ye added.
Despite the lows, Ogle likened meme coins to religions. “So long as one person believes in the coin, it is not dead yet and could spread virally again at any moment,” he said.
