The meme coin niche witnessed a significant correction today (November 15), but its total market cap remains close to $120 billion.
Downtrend in the Meme Coin Market
The past 24 hours have not been kind to the cryptocurrency market, with numerous leading assets charting substantial losses. Bitcoin (BTC) dipped below $88,000, Ethereum (ETH) tumbled to $3,000, while Solana (SOL) is down by 4%. The meme coin sector has had it even worse with Dogecoin (DOGE) plummeting by 8% and Shiba Inu (SHIB) dropping by 9%.
Volatile Nature of Meme Coins
Meme coins have emerged as a major trend in the cryptocurrency world, frequently making headlines due to their rapid price surges and widespread popularity driven by Internet culture. However, these assets can undergo major corrections, resulting in substantial losses for inexperienced traders.
Cryptocurrency Prices Keep Dropping
Many assets whose prices skyrocketed recently, such as PEPE and PNUT, are now among the poorest performers, registering double-digit losses. Other tokens joining this trend include POPCAT, NEIRO, and more.
Despite the recent correction, some meme coins remain in the green zone, such as CAT (+10%), BRETT (+13%), SPX (+17%), DEGEN (+26%). The total market capitalization of the meme coin niche remains above $100 billion.
