February has been brutal for the entire crypto market. Bitcoin dropped nearly 20%, Ethereum hit its lowest level since 2023, and Solana suffered a significant 40% decline.
But some altcoins had it even worse. While the overall downturn was painful, a few projects saw even bigger losses, wiping out most of their market value. Here’s a closer look at the three worst-performing cryptocurrencies last month among the top 100.
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Dogwifhat (WIF) – Down 51%
Dogwifhat, one of the most recognizable memecoins, has been on a downward spiral for weeks. February only made things worse. After trading near $4 in December, WIF has now crashed below $0.60.
There are a few key reasons behind this sell-off. First, the memecoin market has cooled significantly, with liquidity shifting away from WIF. The TRUMP token, which exploded in January, drew a lot of speculative money from WIF and other meme-based projects. Additionally, the fallout from the LIBRA rug pull has made investors more cautious about speculative tokens.
Adding to the uncertainty is the situation with the much-anticipated Las Vegas Sphere marketing campaign. The WIF team raised around $700,000 in March 2024 to display its mascot on the Sphere’s giant LED screen, but nearly a year later, there is still no confirmed launch. A vague social media post last week hinted at a Q1 2025 debut, but a report from Decrypt claims that Sphere representatives have denied any formal agreement.
The prolonged uncertainty has only fueled skepticism, contributing to WIF’s continued decline. If the Sphere deal does materialize, it could provide a much-needed boost for WIF. But for now, confidence in the project remains low, and buyers are nowhere to be found.
TRUMP Token – Down 53%
The TRUMP token was one of the hottest trades in early 2025, soaring past $70 at its peak. But the excitement faded quickly, and February has been nothing but a continous downtrend. The price has now dropped to just $13, with no signs of a turnaround.
Like WIF, TRUMP token’s main problem is that it lacks a fundamental use case. The project thrived on hype, but once it faded, traders began cashing out. Liquidity has dried up, and without new buyers, the price continues to bleed.
Adding to the pressure, the MELANIA token – another politically-themed memecoin – has crashed even harder, losing 60% in February. It is now a 94% below its all-time high. Worse, analysts have uncovered potential links between MELANIA’s creators and the LIBRA scandal, further damaging investor confidence.
Raydium (RAY) – Down 71%
Raydium has seen the steepest decline of all, with its price collapsing from $7 to just $2.30 in a matter of weeks.
The main issue is its connection to Pump.fun, a Solana-based memecoin launch platform. For a long time, Raydium was the go-to automated market maker (AMM) for Pump.fun. But when it was revealed that Pum.fun is likely working on its own independent solution, investors started selling off RAY in panic. Without an alternative strategy to replace the liquidity Pum.fun provided, Raydium’s future remains highly uncertain.
The LIBRA Disaster: A Special Mention
LIBRA deserves a special mention because its collapse was one of the biggest scandals in crypto history. The token was promoted by Argentine President Javier Milei, who claimed it the project would support small businesses in Argentina. At its peak, LIBRA reached a $4.5 billion market cap. Then, insiders executed a rug pull, draining liquidity and leaving investors with worthless tokens.
Many investors lost everything. The scandal sparked political chaos in Argentina, with opposition leaders calling for Milei’s impeachment. One of Meteora’s co-founders resigned, and analysts uncovered connections between LIBRA and other memecoins, including MELANIA. The scandal also raised concerns about political figures endorsing crypto projects without accountability.
For those who missed the LIBRA collapse, we covered all the details in this article.
