Meme Coin Market Faces Downturn as Pump.fun Token Leads Losses
- Pump.fun’s flagship token fell by 9.2% in the last day, priced at $0.007213, but has surged by 142% over the past month.
- The meme coin market shrank by 4.8%, now valued at $87.2 billion, with notable declines in Dogecoin (down 3.6%) and PEPE.
- Bitcoin and Ethereum saw minor dips of less than two percent each, contrasting with larger meme coin losses.
- Immutable’s IMX token rallied by a significant margin, climbing by as much as 47% over the past week due to industry partnerships.
- The first ETF with spot exposure to DOGE launched successfully, surpassing analyst expectations with nearly $6 million in trading volume on its first day.
The meme coin market experienced a notable downturn led by Pump.fun’s token decline of over nine percent within a day, despite its previous monthly gains of over one hundred percent.
Overall, the meme sector’s contraction was more pronounced compared to major cryptocurrencies like Bitcoin and Ethereum that saw lesser declines amid broader altcoin momentum.(Source)
