1. Decline of Memecoins
2. Popularity Among Gen Z
3. Impact of Political Situation

Over the past year, the memecoin market has undergone a significant decline. Major memecoins have lost an average of 63.73% from their peak value.

Decline of Memecoins

The biggest losers include BOME, which has lost 79.48% in value, and SHIB, which has fallen 70.86%. Other major memecoins like DOGE, PEPE, and WIF have also seen significant declines, down 57.93%, 58.16%, and 70.93% respectively. Even POPCAT, which has fared better than most, is still down 43.77%.

Popularity Among Gen Z

Despite the huge losses, Gen Z continues to enter the memecoin market, likening it to using TikTok: constantly searching for the next viral sensation. The appeal of memecoins lies in the potential for one of these coins to “go viral.”

Impact of Political Situation

Earlier this year, politically themed memecoins were very popular and the market was heavily influenced by the political climate. While politics continues to play a role, the focus has now shifted to memecoins that resonate more with Gen Z, such as “aura”, “let him cook” and “brat”.

The memecoin market is experiencing high volatility and significant declines over the past year, but it attracts a new generation of investors with its viral potential and cultural significance.