Dogecoin

Shiba Inu

dogwifhat

Popcat (SOL)

BOOK OF MEME

PacMoon

Hamster Kombat

<h2 id="header-0">TL;DR</h2><ul><li>The meme coin market remains in a slump</li><li>Top meme coins all took a hit, dropping as much as 38% in a week</li><li>Pump.fun is making bank (<em>$5.3m in a day!</em>), but people are sick of all the failed token launches.</li><li>New platforms for meme coin shorting launch</li><li>Big crypto events coming up in Singapore next month might shake things up?</li></ul><h2 id="header-1">7-Day Meme Coin Market Snapshot</h2><p>According to our calculations, the <a href="https://coinmarketcap.com/view/memes/">total meme coin market cap</a> is up from $35.9 billion to $36.7 billion. However, meme coin prices have continued to slide after last week’s <a href="https://coinmarketcap.com/academy/article/week-in-meme-coins-30percent-bounce-after-black-monday-rekt-tsunami">post-Black Monday recovery</a>, and the overall trend remains bearish over the last 30 days, down from $56 billion on the 22nd of July.</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcdJoPgJ7xDHhdP0pKyycs70I5pfb3UpzlbY4CJxhXRpC4PhR3XinO1n8-qaGW_CokEWnbUu8fihz9wqNIkaFBW1RcTC9z6QWBwfa4RWJU55Rix__j8NXwcKhju47IvBoWxE7hcbflUaVSIGknTWSgjA657?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><h3 id="meme-coin-market-vs-other-crypto-sectors">Meme Coin Market vs Other Crypto Sectors</h3><p>According to <a href="https://defillama.com/narrative-tracker" rel="nofollow">DeFiLlama’s Narrative tracker,</a> the meme coin sector’s mCap-weighted category performed the third-worst with a 10.85 dip the last week.</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdIwIS-KndBQh4wKEOodW_N-n4OYEIzUUdjRDUdYbmesdgsuIvZI5zkGDyqG3D5NaeSenqw91Q_uSLfBbKFXCtueDWq3YPEvNoC4f_gi4o-3L4iXvfe3O8japrxmhBjIl-xql_qAnr2JRif7xwo75SteNU?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><p>Here’s the 30-day performance:</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfR_l0b8dpMH9FhhTk3KsCYPQL1KPZz-1OHGm77QX74IS8aqKHIU5El55K4xd7XqQiquO2qHOVYm5vEN4Xtkq2gbcXbEjS53ZdnKyLp_oNrLImSSUvwvFPEEWHwzoA3VsFchNpTtudq_2jmDPkG4dEYmC8_?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><p><em>Source: DeFiLlama.com</em></p><p>The biggest meme coins showed a highly correlated movement, crashing hard on <a href="https://coinmarketcap.com/community/articles/66b369d2adcf0039315580d6/">5 August’s Black Monday collapse</a> before recovering sharply and then trending sideways the last 7 days.</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcrZ11YcbQoWFCV0bh67ChaPOOqmSlmKORbtBxDmekSXgecqWG8FVUL0bitgKWJBhP_Bdp52Ka007QxUh-3PB2LK4Idyf1-lNHycf3-Fh1jHbPPota8Jr8QFSthq5AQNplmaG0wNgnar3SMPOKUcA5J-Ies?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><h2 id="header-2">Top 20 Meme Coin Leaderboard</h2><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcorPcNxb57xwnW68ewNxsgNHM_qMiabhAnCOaP01EmhzeUR9TO1FcVjClL58gq8_STY0-T2OtKvuIKIEZET5aprf9v-3ugV5qXbP-KCwiCAf3HKJDu2Z1Pv0Pm6vzHG0ykAgEOEt-uhOtDO51HsiTGy_I?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><p><em>Source: <a href="https://coinmarketcap.com/view/memes/">CMC Meme Coins Page</a></em></p><h3 id="meme-coin-top-10-7-day-insights">Meme Coin Top 10: 7-day Insights</h3><p>Before I dig into the data, a quick caveat: We had a strong recovery a week ago after the 5 August meltdown. Compared to that, we’re still up (<em>I think?</em>).</p><p>However, for the period Aug 8-15, it’s bloody:</p><ul><li><strong>Rough week all around: </strong>Meme coins took a beating across the board. Every single one in our top 10 list is in the red.</li><li><strong>Some bruised, some battered:</strong> We&#x27;re seeing drops anywhere from 4% to a whopping 38%.</li><li><strong>Big dogs hold their ground (<em>sort of</em>): </strong>Dogecoin and Shiba Inu, the heavyweights of meme coins, are down 5%. Not great, but they&#x27;re weathering the storm better than most.</li><li><strong>Underdogs (get it) feeling the pain: </strong>Some of the smaller coins like WIF and POPCAT got hit hard, down 22% and 25%.</li><li><strong>Middle of the pack staying together: </strong>Most mid-sized coins are down 12-15%.</li><li><strong>Disconnect with YTD:</strong> Despite strong YTD performances, the universal negative 7-day trend is concerning.</li></ul><h2 id="header-3">Biggest Meme Coin News This Week</h2><ul><li>Pump.fun makes changes after criticism, <a href="https://coinmarketcap.com/community/articles/66bc47bfe869eb116f7b7da1/">hits record revenue again</a></li><li>Firms launch meme coin shorting protocols</li><li><a href="https://coinmarketcap.com/currencies/hamster-kombat/">HamsterKombat </a>delays “crypto’s biggest ever” airdrop due to overwhelming demand</li><li><a href="https://coinmarketcap.com/currencies/popcat-sol/">Popcat</a> is this week’s top gainer</li><li>Blast’s largest meme coin <a href="https://coinmarketcap.com/currencies/pacmoon/">Pacmoon</a> migrates to Solana, rebrands as $ARMY</li><li><a href="https://coinmarketcap.com/community/articles/66584a98eeba911c016626a7/">Polymarket:</a> Pepe will hit a $10b market cap before WIF</li></ul><h3 id="pvp-the-people-vs-pump-fun">PvP- The People vs Pump.Fun?</h3><p><a href="https://coinmarketcap.com/community/articles/66b9f11289806627656bf97e/">Meme coins</a> got you feeling murderously entertained after watching (to paraphrase DJT), “millions and millions and millions” of new tokens launch and break like Raygun during the Trump Elon debate?</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfbxsoH2ABHPDgmzgcmuuX9VmEk4Js6BQ26BePHy7IaQtnTo_ipgoRRPOW-QsQcpwZogkWvr0VqlLH4sFDDiNCX65X_xH_KGv-TXKkYAacl8if3wek2-wfoM61Tc9eZbCeONtUrG-7NsDUjui9eZ_wr6yW2?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><p>Here’s how Pump.fun saw it:</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf7OVM52CGbq_eIt6F95uXsTls-xPX86k7Gw7CKDPUP-lb5gOqub5KH7oraFuzKuZ3hQaDktQU3AbjEg-dFEbLY9jLARC_dDAuJQQPPlLb-eda0ZzltLR3f6r1T6jhEz4raaVCk-WOPShmxHYGjooMmbPs?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><p>Jeez, read the room intern…</p><h4>Industry: Pump.Fun!  J&#x27;Accuse...!</h4><p>Pump.fun was first praised for driving up activity and the SOL price, but is now becoming despised for churning out 98.5% failed launches, 1.6 million of them to date, and collecting gazillions in fees, more than the whole Ethereum network, for its efforts.</p><p>Here are a couple of salty X.com gems:</p><tweet-embed url="https://twitter.com/beaniemaxi/status/1823386122535227810"></tweet-embed><p></p><tweet-embed url="https://twitter.com/SlorgoftheSlugs/status/1823407198539800807"></tweet-embed><p></p><p>“Meme coins have made me low-key hate cats and dogs” - me</p><h2 id="header-4">Pump.fun Rings In The Changes</h2><p>Probably nervous about dodging users at next month’s Solana Breakpoint conference, Pump.fun is trying to shake things up, with new features aimed at ensuring developers stick with their projects.</p><tweet-embed url="https://twitter.com/pumpdotfun/status/1821699366630879383"></tweet-embed><p></p><ul><li>The token creation fee is now free, with the $2 fee passed to the first buyer.</li><li>If a token reaches a $69k market cap and migrates to Raydium, the developer gets a 0.5 SOL reward, paid from the reduced migration fee of 1.5 SOL.</li><li>These changes aim to cut down on scams and encourage developers to support their projects.</li></ul><p>FYI, on 14 August Pump.fun hit a new ATH record for fees in the last 24 hours, collecting a cool $5.3m in fees, <a href="https://www.coindesk.com/markets/2024/08/14/pumpfuns-removal-of-2-issuance-charge-pushes-daily-fees-to-all-time-highs-but-users-are-unhappy/#:~:text=Pump.Fun%20recently%20eliminated%20the,in%20token%20creation%20and%20complaints" rel="nofollow">according to Coindesk</a>.</p><p>That’s more than double the next biggest platform, Ethereum’s Lido ($2.3m)</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf7CLPjYdgoBpu6kxY6vD2QoIurGc_53r9lvk5rXV-ksqWi4A4el2qOMQsRocB_GajEAu6_qsamqsWuovHVqvaf0kZqHKAvg44vLJR5CtofxdTm6rqgZIp08Yv_2zOy27NTDyC1FA9oHc8plhiIC2CuUI2j?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><h2 id="header-5">Eat Meme Shorts, Says Haters</h2><p>Following in the footsteps of <a href="https://coinmarketcap.com/community/articles/66a2a42da29ed27101b7c0b6/">Save Finance’s dumpy.fun</a>, Margin.Fi has a new antidote: meme coin shorting. Called The Arena, this tool lets traders profit from the volatility of meme coins by betting against the hype. The Arena leverages isolated lending pools, to remove the risk of impermanent loss associated with AMMs.</p><p>Alon, the co-founder of Pump.fun, has dropped hints that the SOL black hole creators are considering creating a similar mechanism, and possibly a Hot Tub Time Machine, to undo all their carnage. Ok, I made that last bit up.</p><h2 id="header-6">What You Can Do:</h2><p>Probably nothing. We all know meme coins run best when crypto market arrows point up, and the summer holiday periods of July and August are usually bearish and boring.</p><p>Crypto Twitter is dead at the moment and even meme coin messiah Ansem is currently keeping himself entertained by creating a tier list for his favorite vegetables. I kid you not.</p><p><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfwNTPq6z_cscQVuIjwZv0Fcd3YzDBgqQ2cWZ2DuyvmOF3qKHJpkqbo-Tn8jnsgJsJChDjaFYyWdzg1PFAgxSKq7ZilTn3NtcjHWPN2n7WdMrdi2yxGGiMHMltpR8sW93TtP9rv2_vu1H7J7yABWEWQkIg?key=Ni6hsqsqZCzK6iecXBWmzQ"/></p><tweet-embed url="https://twitter.com/blknoiz06/status/1823960740102865161"></tweet-embed><p></p><p>Token2049, Solana Breakpoint and MemeCon all descend on Singapore middle of next month, and who knows, maybe memes could be the talk of the town by that time.</p><p>Happy trading out there and save your SOL if you can. Till next week!</p>

This Week in Meme Coins: Red Markets, Record Revenues

Table of Contents

Other articles published on Aug 16, 2024

This Week in AI: Crypto Confusion as Giants Surge

This Week in RWA: Tokens Down, Fundamentals Up

TradFi vs Crypto: Analyzing Recovery Times After Major Crashes

Join our free newsletter for daily crypto updates!