{"id":9493,"date":"2025-02-28T16:04:53","date_gmt":"2025-02-28T16:04:53","guid":{"rendered":"https:\/\/icobench.com\/?p=9493"},"modified":"2025-02-28T16:04:53","modified_gmt":"2025-02-28T16:04:53","slug":"meme-coins-lost-41-in-the-past-month-but-the-best-icos-like-solaxy-will-outperform","status":"publish","type":"post","link":"https:\/\/icobench.com\/news\/meme-coins-lost-41-in-the-past-month-but-the-best-icos-like-solaxy-will-outperform\/","title":{"rendered":"Meme Coins Lost 41% in the Past Month But The Best ICOs like Solaxy Will Outperform"},"content":{"rendered":"
The combined market cap of meme coins has dropped 41% in the past 30 days as macroeconomic headwinds have evaporated most of the gains that these tokens experienced after Donald Trump\u2019s victory in the November Presidential election.<\/p>\n
The Bybit hack could have been the latest negative catalyst that prompted a decline in meme coins\u2019 valuation as the North Korean hacking collective Lazarus Group compromised a cold wallet containing $1.4 billion worth of ETH tokens under Bybit\u2019s custody.<\/p>\n
Selling pressure increased progressively during the weekend and resulted in one of the most severe monthly drops that meme coins<\/a> have experienced lately.<\/p>\n In the past 24 hours alone, these tokens have faced a 6.4% retreat<\/strong>. Their combined market cap currently stands at $54.1 billion resulting in a 57.5% retreat from the category\u2019s December peak of $127 billion.<\/p>\n Market sentiment has changed drastically since last Friday as the Fear and Greed Index has swung to \u201cExtreme Fear\u201d and is recording its lowest reading since it was launched in June 2023 by CoinMarketCap.<\/p>\n Dogecoin (DOGE), the dominant force in the meme coin space with a market cap of $28.7 billion that accounts for half of the segment\u2019s aggregated value, has experienced its fair share of losses as it has shed 38.8% since the year started.<\/p>\n The monthly chart shows that this has been the worst month for DOGE thus far with a 42% drop since the token rose to popularity in January 2021. Its 25% decline from last December ranks second, emphasizing the strength of the selling spree that has taken place since Donald Trump ascended to power.<\/p>\n This has also been one of the worst weeks on record for DOGE, with an accumulated drop of 20.7%.<\/p>\n Meanwhile, both the weekly and daily charts show that momentum readings favor a bearish outlook for the top meme coin.<\/p>\n First, a critical support area at $0.2050 was broken yesterday.<\/strong> This increases the odds that DOGE could drop swiftly to $0.1400, meaning a 31.7% downside risk from current levels.<\/p>\n The Relative Strength Index (RSI) sent a sell signal on Friday 21 \u2013 the day of the hack \u2013 while the MACD\u2019s histogram shows steadily increasing negative momentum readings.<\/p>\n All of these indicators are pointing to further pain down the road for DOGE and, subsequently, for the entire meme coin category.<\/p>\n<\/p>\n
DOGE Books Worst Monthly Decline of the Past Four Years<\/span><\/h2>\n
<\/p>\n