Data Shows Top 10 Meme Coins Are Down More Than 60% In The Past Year – Can This Meme Coin Layer-2 Revive The Sector?

A layer-2 built for memes, Pepe Unchained, has raised nearly $12 million during presale as it looks to revive the lagging meme coins sector.

Data from the on-chain analytics platform, ‘ Lookonchain ‘, shows that the market’s top meme coins are down an average of 63% over the last 12 months. The list shows the decline of DOGE, SHIB, PEPE, WIF, BONK, FLOKI, BRETT, POPCAT, BOME & MEW.

Over the past year, the top 10 #MEMEcoins have dropped an average of 63.73% from their peak. $DOGE : -57.93% $SHIB : -70.86% $PEPE : -58.16% $WIF : -70.93% $BONK : -64.63% $FLOKI : -65.97% $BRETT : -62.59% $POPCAT : -43.77% $BOME : -79.48% $MEW : -62.99% pic.twitter.com/GzRNI4dYaB

— Lookonchain (@lookonchain) September 2, 2024

BOME, on Solana , suffered the biggest drop from its 52-week high of $0.02805 to a low of $0.000858, resulting in a loss of 97%. It is currently trading at around $0.0059, with a market cap of $406 million.

No Meme Has Been Spared As Newcomers And OGs Alike Are Down Considerably From Their 52-week Highs

Meanwhile, SHIB, the second-largest meme coin by market cap, has also suffered considerably. It fell from a 52-week high of $0.00003629 to a low of $0.0000128, down 65%. It is currently trading at around $0.0000135, with a market cap of $7.97 billion.

Overall, the meme coin’s market cap is down. It hit an all-time high of around $69 billion in early March this year before crashing alongside the rest of the cryptocurrency market.

Currently, the meme coin market cap sits around $39 billion, making up 18% of the total global crypto market cap, which stands at roughly $2.14 trillion.

CoinGecko provided all of the above data.

( COINGECKO )

Pepe Unchained (PEPU) Set To Be The Meme Coin Saviour

Even with meme coins down across the board, one meme coin project looks to revive the dying sector. Pepe Unchained (PEPU) is a Layer-2 project created entirely for meme coins.

It is a first mover in this space, and the hype for it is evidenced in the insane amount of money raised during presale so far. In a little over a month, it has secured nearly $11.5 million from bullish investors.

Although Pepe Chain will compete against several other layer-2 ETH blockchains, such as Arbitrum, Base, Polygon & Optimism, it is being marketed as an ecosystem for meme coins.

The network is being built to accommodate the large number of transactions that come with viral meme coins. Pepe Unchained’s Telegram and X channels are another indicator of a hyped project, with nearly 20,000 members across both channels.

The team at PEPU has built a staking protocol, meaning that investors can buy their presale bag and begin staking instantly for an insane 175% in rewards. Grab your bag today before the next price-stage increase in less than 48 hours.

PEPU PRESALE LINK

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.