In summary
- Dogecoin fell 8% to $0.42, while memecoins such as SHIB, WIF and FLOKI also recorded moderate declines on Monday.
- XRP rose 12% on the day, amassing a 439% rise in 30 days, driven by regulatory optimism and possible ETFs.
- Hedera (HBAR) stood out with an increase of 755% for the month, reaching $0.38 and marking three-year highs.
The top memecoins by market cap have taken the brunt of the hit from Monday’s moderate selling, while XRP and Hedera (HBAR) continue to defy expectations.
Dogecoin (DOGE) has fallen 8% on the day to $0.42 after hitting a 24-hour high above $0.45. The original memecoin awaits the eventual creation of a government efficiency department, which will be led by Tesla CEO Elon Musk and Vivek Ramaswamy next year.
Despite the recent bullish fervor, other dog-themed tokens, such as Shibu Inu (SHIB) and Dogwifhat (WIF), are also down 5.4% and 7.4%, respectively, according to data from CoinGecko. Floki (FLOKI) has also fallen 4.2%.
This follows an excellent run since last month’s market activity, which propelled Solana-based memecoins, including Just a Chill Guy (CHILLGUY), to all-time highs.
Launched on November 15, the token is inspired by a viral meme character created by artist Phillip Banks in 2023, embodying a laid-back personality that resonated across social media platforms.
While CHILLGUY is up 12% on the day, others have not been so lucky.
Ethereum-based Pepe (PEPE), inspired by “Pepe the Frog,” is down 9% while Popcat (POPCAT) is also down 5%.
Still, some believe the sector has more room to grow as traders look to profit from soaring speculation into the new year.
“The success of memecoins has demonstrated the power of social media and its natural affiliation with the crypto ecosystem,” Petr Kozyakov, co-founder and CEO of Mercuryo, told Decrypt last month.
Even as memecoins and the broader market take a breather, two stand out in defiance of Monday’s activity.
XRP, the token used within Ripple’s payments ecosystem, has been on the rise, rising more than 439% in the last 30 days and a further 86% over the week to $2.70.
Driven by a combination of post-election developments, including renewed regulatory optimism and the possibility of XRP-focused investment products, the asset has recorded an additional 12% on the day.
Meanwhile, Hedera (HBAR) has reached prices not seen in three years above $0.38. The asset has even surpassed XRP with a 755% gain in the last 30 days and a further 56% jump on the day.
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