The meme coin market has experienced a significant downturn, with its total market capitalization dropping by 46% in the last two months. This decline in value has raised doubts about the legitimacy of the meme coin supercycle. Additionally, trading volumes have decreased by 29%. The sell-off of meme coins intensified when President Donald Trump imposed tariffs on Canada, Mexico, and China, triggering a historic liquidation event. This further shook investor confidence in meme coins. However, there were some optimistic voices in the market, with one investor and analyst remaining positive about the future of meme coins. A diplomatic breakthrough between Mexico, Canada, and the US led to a market-wide recovery, including a resurgence in meme coins. Bitcoin's price surged and most of the top 10 meme coins experienced gains, except for TRUMP.



Other News from Today