The overall downturn in the cryptocurrency market has also affected Mimecoin.
The GMCI index for the block’s Mimecoin shows that the sector is down 8.87% in the last 24 hours as of the time of publication. The top three assets by weight, Dogecoin, Shiba Inu, and Pepe, are down 9.23%, 2.36%, and 13.87%, respectively.
Solana and Mimecoins have also taken a hit. The Block previously reported that their market cap fell 16% in a single day.
The general partner of venture firm Cinneamhain Ventures (CEHV) said that Mimecoin tends to take a big hit during market downturns.
“We’re starting to wash out the memes. The ‘graduation rate’ for Pump Fun’s coin (which hit $69,000 and is listed on a DEX) is stagnating at around 1.4%,” Adam Cochran wrote on social media platform X.At the same time, none of the new entrants have breached the $20 million fully diluted valuation (FDV) level, and even a little volatility hits memes the hardest. All of this shows that we are finally washing away the meme cycle.”
Dogecoin, the largest meme coin by market cap, was trading at $0.094 as of 5 p.m. ET (9 p.m. UTC) on August 5, according to The Block Prices.
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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.