Welcome to this week’s concise overview of the latest happenings in the meme coin market. From notable market movements to specific token reactions, we’ve got the highlights covered. Let’s dive into the details.
Meme Coin Market Overview
The meme coin sector has observed a 3.4% increase in market capitalization over the last 24 hours, reaching a total of $39.4 billion. Today, very few coins are experiencing losses, with notable exceptions. Leading the losses is Drunk Chicken Centipede (DCC) which has seen a significant fall of 24.2%, bringing its price down to $0.0006161. Another notable decline is seen in Neiro (NEIRO), dipping nearly 16% to $0.00004774. However, most other coins that recorded losses experienced drops below 9%.
On a more positive note, the market has a number of standout performers. BOBO Coin (BOBO) has surged by 39.9%, followed by Monkey Pox (POX) with an impressive rise of 23.3%. Other notable gainers include Doland Tremp (TREMP) at 19.6%, Neiro on ETH (NEIRO) at 14.4%, and Wojak (WOJAK) at 14.3%. In the top 10 meme coins by market capitalization, all are currently in the green. Dogecoin (DOGE), the leading meme coin, has seen a 1.43% increase, trading at $0.09741, while Shiba Inu (SHIB) has also increased by 1.3% to $0.00001.
CHEWY Tokens React to Roaring Kitty’s Post
In recent meme coin news, renowned trader Keith Gill, famously known as Roaring Kitty, shared a post that caught the attention of the market. Gill, who played a critical role in the GameStop trading frenzy, shared a scene from Toy Story on September 6, modifying an iconic image to replace a character with the Chewy logo. This post sent shockwaves through the CHEWY token community, as many speculated that he was distancing himself from Chewy.
Previously, Gill disclosed a 6.6% ownership stake in Chewy. Since his return to Twitter, the performance of CHEWY coins fluctuated dramatically. One token experienced a brief spike of 6% following Gill’s post, while another fell by 10%. Over the last month, both tokens have seen significant declines, highlighting the volatile nature of meme coins and their susceptibility to social media narratives.
PolitiFi Coins Face Drastic Market Cap Decrease
The PolitiFi segment of meme coins has faced a considerable downturn in market capitalization, which has been halved as of 2024. PolitiFi coins are centered around political figures and events but are not affiliated or created by them. With notable candidates like Vice President Kamala Harris and former President Donald Trump in the limelight as the presidential elections near, one would expect these coins to thrive; however, their market cap has plummeted from $816.64 million in May to $485.6 million currently—a staggering decline of $331 million.
In the changing landscape, some Trump-related coins have remained prominent, though ConstitutionDAO (PEOPLE) has recently claimed the top spot. Despite the project’s closure in June of the previous year, it continues to be a dominant player in the PolitiFi niche.
Community Takeover Teams and Legal Concerns
This week, the trend of Community Takeover teams (CTOs) in the meme coin space has garnered attention, particularly due to the potential legal ramifications. CTOs arise when community members take control over projects abandoned by developers, often resulting in an increase in token prices. However, experts warn that these groups may encounter significant legal hurdles.
Charlyn Ho, a legal expert, points out the risks of misleading marketing that could lead to allegations of deception or fraud. The importance of transparency and accurate representation is crucial for these community-driven projects. Furthermore, legal issues such as intellectual property rights may arise since the original creators retain ownership over project branding and imagery.
Despite these concerns, some legal analysts like Jacob Martin argue that meme tokens may face less scrutiny due to their speculative nature. As the market evolves, the interplay between community involvement and regulatory considerations will continue to shape the future of meme coins.