Memecoins lose momentum as $40B lost in December
Memecoin market capitalization fell by approximately 30% in December, declining from $120.14 billion on December 1 to a low of $92.67 billion by December 23, marking a 32.38% decrease. As of late December, the market cap stood at $98.72 billion, 18% lower than at the month's start. Pepe (PEPE), the third-largest memecoin, experienced similar fluctuations, peaking at $0.000026 on December 9 before dropping to $0.000017 by December 20. Binance.US listed Pepe on December 4, contributing to its price surge and leading to an all-time high market cap of over $11 billion by December 7. Traders profited significantly from Pepe, with one trader turning a $3,000 investment into $46 million and another achieving a 1,900,000x return after investing $27 and dormant for over 600 days.
