TLDR:
- Bitcoin fell below $90K, marking its largest correction since 2017 and a six-month low hitting meme coins hard.
- Meme coin market cap dropped 12% to $44.3B, with volumes down 7% to $5.5B.
- Grayscale aims to list DOGE ETF on NYSE, pending SEC approval in 20 days.
- Pump.fun created 15,000+ tokens in 24 hours, far outpacing all competitors combined.
Bitcoin slid below $90,000 this week, marking its steepest correction since 2017 and hitting a six-month low. The cryptocurrency recently bounced slightly to $91,700 but remains 27% below its all-time high. At press time, the token holds around $84K.
Meme coins mirrored this weakness, with the sector’s market cap falling 12% to $44.3 billion. Volumes declined 7% to $5.5 billion as traders remained cautious amid macro uncertainty.
Meme Coins Face Steep Losses and Launchpad Activity
Leading meme coins continued their downtrend following October’s historic crash. Only two of the top 20 meme coins posted weekly gains, while the rest suffered double-digit declines, according to CoinMarketCap data.
Solana-based meme tokens slid, including BONK, which fell 17%, while Ethereum’s Shiba Inu dropped 12%. Binance Smart Chain also saw mixed performance, with BUILDon rising 9% and 币安人生 falling 15%.
The meme coin launchpad ecosystem remained active.
Pump.fun created over 15,000 new tokens in 24 hours, outpacing competitors combined, per Dune dashboard data shared by Adam_tehc. This surge in token creation did not prevent overall sector losses, reflecting ongoing deleveraging by traders.
Meme coins climbed from ninth to sixth place on DeFiLlama’s narrative tracker, signaling rising narrative attention despite the downturn.
Legal and market developments also affected sentiment. Haliey Welch, known as “Hawk Tuah” girl, was added to a lawsuit over a failed meme coin launch, allegedly receiving $325,000 to promote a token engineered to crash.
Such incidents amplified caution in the sector as investors reassess risk exposure.
Market Drivers Include DOGE ETF, Macro Shifts, and Capital Rotation
The broader crypto market experienced macro-driven volatility this week.
Rate cut odds for December’s Federal Open Market Committee meeting fell to 33%, adding pressure to altcoins and meme tokens. Bitcoin’s correction below $90K reflected this risk-off environment, intensifying sector-wide selling.
Meanwhile, Grayscale aims to convert its DOGE trust into a tradable ETF, potentially listing on the NYSE as early as Monday, pending SEC review within the 20-day window. Market participants are closely watching the launch, which could affect DOGE and related meme coins.
Capital rotation was also notable. Libra-linked wallets withdrew $4 million from meme coins and moved $61.5 million into Solana, capitalizing on dip opportunities. Such movements highlight shifting trader focus amid ongoing deleveraging cycles.
Biggest weekly meme coin gainers included The Official 67 Coin (+987%), Wiki Cat (+56%), SKYAI (+21%), PePeonTron (+16%), and Banana For Scale (+15%). Decliners included sudeng (-84%), Rekt (-49%), and Jelly-My-Jelly (-49%).
Traders are advised to enter positions with clear setups, reduce leverage, and monitor macro developments to manage risk during sharp market swings.
The post Meme Coins Hit Hard by Bitcoin Price Dip Below $90K: Weekly Round-Up appeared first on Blockonomi.
Source: https://blockonomi.com/meme-coins-hit-hard-by-bitcoin-price-dip-below-90k-weekly-round-up/
