Back in March and April 2024, memecoins completely took over the crypto space. Tiny tokens with silly names were suddenly going viral and giving bigger projects a run for their money.
Now, a year later, what happened to the breakout stars of last spring’s memecoin craze?
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Dogwifhat: From Sphere Dreams to Harsh Reality
Dogwifhat (WIF), known for its Shiba Inu mascot with a knitted hat, was one of the biggest winners of the mania. At one point, it traded above $4 and briefly flirted with the top 30 cryptos by market cap. There was even a campaign to plaster its mascot across the massive Las Vegas Sphere – a plan that raised not only eyebrows, but also $700,000.
Sadly, that display never happened. Recently, the team admitted they couldn’t secure the venue and offered to return the funds. While that probably saved their reputation, it didn’t help the price.
Today, WIF sits at just $0.34 – that’s a 93% drop from its all-time high in November. It’s now trading at levels last seen before it went viral. The hype is gone, and so are most of the gains.
Read also: Dogwifhat (WIF) Abandons Its Plans for Las Vegas Sphere
Floki: Hope in Development, Not Charts
Floki’s been around longer – since 2021 – but was mostly forgotten until the memecoin wave brought it back. One year ago, it climbed back above $0.0002 and made it into the top 60 tokens. It then spiked again in June and November.
But today, it trades closer to $0.00005, and barely stays in the top 100. Most people aren’t talking about it anymore, even though the developers are still building. There’s a metaverse in the works, NFTs, a trading bot, and other impressive plans.
Still, price is what draws attention, and right now, the chart isn’t doing it any favors.
Bonk: Still Barking
BONK’s story is different. It peaked aover $1.5 billion in market cap during the memecoin run, and while it has dropped since then, it’s done better than most.
Yes, it lost about half its value, but it still hangs in the top 70. Part of that might be because BONK didn’t come out of nowhere in 2024 – it already had some traction. All being said, BONK’s still in the game.
Book of Meme: The Fastest Rise, and Fall
If there’s one token that perfectly sums up the speed of memecoin mania, it’s Book of Meme (BOME). It launched on Solana in March, flew past $1 billion in just a few days, and peaked at $0.028.
And then it collapsed.
Right now, BOME trades at around $0.001 – that’s more than 96% down from its peak. It’s fallen out of the top 300, and never recovered the initial hype.
Read also: Can Book of Meme (BOME) Make a Comeback?
So, What Happened?
The obvious answer is that the hype died down. And memecoins don’t run well without hype.
We’ve seen this before. Memecoins usually have short attention spans. People jump in, ride the wave, and move on to the next thing. But this time, a few extra things made the crash worse.
One was TRUMP – the new political token that sucked up a lot of interest and liquidity. For a while, it became the new memecoin star. But after TRUMP and MELANIA both collapsed, the mood around memecoins changed. There was also the LIBRA rugpull – another hit to investor trust.
And then there’s the macro picture. Tariffs, trade wars, and rising Bitcoin dominance have made crypto feel a lot less fun and a lot more serious. When the whole market gets shaky, people stop throwing money at memes.
It doesn’t mean memecoins are dead. Just that the mania part is over – at least for now. We’ve seen many times that we should never count out the memes. They always come back – just not always the same ones.
Read also: According To Binance Report, 97% Of Memecoins Have Died
