Key Insights
- The general crypto market crashed sometime in late February because of a few tariff announcements from the United States.
- According to data from CoinMarketCap, the market capitalization of the memecoin sector remains underneath the $50 billion mark.
- This figure has taken a staggering 26% plunge over the last 30 days, with a 43% drop in trading volumes to a mere $3 billion.
- The political memecoin sector has seen a near-2% decline in market cap over the last day, as well as a 10% decline in trading volume.
- According to analysts, major memecoins like Dogecoin, Shiba Inu, and Pepe are poised for comebacks on major timeframes.
The general crypto market tumbled downwards sometime in late February, just as US president Donald Trump announced tariffs on Aluminium and Steel coming into the United States.
This came soon after an earlier announcement of a 25% tariff on imports from Canada, Mexico, and China.
The aftermath of these announcements sent the crypto market tumbling down as a whole, with many sectors bleeding red by early March.
Bitcoin continues to struggle with breaking above the $85,000 zone, and the memecoin sector is no better.
Here’s what’s been going on in the memecoin market so far.
A General Overview of the Memecoin Market
According to data from CoinMarketCap, the market capitalization of the memecoin sector remains underneath the $50 billion mark.
This figure has taken a staggering 26% plunge over the last 30 days, with a 43% drop in trading volumes to a mere $3 billion.
So far, many of the memecoins in this sector are experiencing losses on the weekly timeframe, with major players like Dogecoin and Shiba Inu being prime examples of this.
Officially, Trump remains the heaviest loser among the top 10 memecoins, with an 8% price decline over the last week.
Interestingly, despite the decline of the entire sector, memecoins like Bonk, Fartcoin, and $SPX appear to be doing much better than the rest.
Fartcoin in particular is up by as much as 45% over the last week, with Bonk and SPX trailing behind with 13% and 23% price increases, respectively.
Top Gainers and Losers
CoinMarketCap data also shows that the top gainers over the last week include $TUT, $BRETT, $MARS, $LLM, $BANANA, and more, all of which have registered gains of between 66% and a staggering 1,200%.
TUT is by far the biggest gainer overall, outshining the entire market with an ongoing 1,200% price increase from 17 March to date.
Some of the most popular memecoins in the sector include Dogecoin, Pepe, Official Trump, Shiba Inu, and $MONG.
The Political Memecoin Sector
Considering the slowdown in the US political landscape, the Politi-Fi memecoin sector has cooled down massively.
According to CoinMarketCap, this sector has seen a near-2% decline in market cap over the last day, as well as a 10% decline in trading volume over the same timeframe.
Interestingly, individual tokens in this sector appear to be doing much better than the general memecoin market.
Despite the general downturn, assets like LIBRA have gained around 11% over the last day at the time of writing, as well as a 16% price increase over the last week.
Others like MAGA and Patriot have increased by between 13% and 16% over the last week at the time of writing.
The biggest loser in this space appears to be $TRUMP, the largest politi-Fi memecoin in the space with its ongoing 8% decline within the weekly timeframe.
Memecoins To Keep an Eye Out For
There appears to be hope for the memecoin space.
According to analysts from all over the internet, many aspects of the memecoin market are testing major support levels and could be looking towards a rebound.
For example, analyst Ali believes that Dogecoin is currently testing major support at the bottom of an ascending channel around $0.16.
If the market sees a rebound, Dogecoin could be headed towards the mid or upper range of the channel around $2.5 or even higher.
Analyst Javon Marks, on the other hand, believes that SHIB has just broken out of “an extremely notable falling wedge pattern.”
Because of this, SHIB could be set for a 422% increase to $0.00008841 or higher.
As for $PEPE, analyst Altcoin Hunter notes that the downtrend might have reached its end, and an uptrend could be on its way.
Overall, the general crypto market appears to be on the verge of a bullish comeback, and the memecoin market is expected to follow in Bitcoin’s footsteps.
