According to newly released data, the market value of memecoins faced a 30% decline in December, indicating a decrease in demand and momentum for these types of tokens. CoinMarketCap data shows that the market value of memecoins was $120.14 billion on December 1, reached $137.06 billion on December 9, but then dropped to $92.67 billion on December 23, showing a 32.38% decline in just a month. However, at the time of writing this news, the total market value of memecoins is estimated at $98.72 billion, which is 18% lower than the beginning of the month. PEPE, the third largest memecoin in terms of market value, has also behaved similarly to the overall memecoin market. Based on available data, the price of PEPE reached $0.000026 on December 9, but decreased to $0.000017 by December 20. On December 4, Binance.US listed PEPE, leading to its price growth. After this event, PEPE’s market value increased from around $591 million at the beginning of 2024 to over $11 billion, indicating an 18-fold growth. According to various reports, savvy investors profited significantly from PEPE’s growth over the year. In April, a trader investing $3,000 in PEPE managed to increase their asset value to $46 million within a month. In December, another trader who invested $27 in PEPE and held the tokens for 600 days transferred their tokens to a new address worth $52 million. Lookonchain’s analyses show that this trader achieved a 1,900,000-fold return on their investment.
