The speculative frenzy that propelled meme coins to record heights following the 2024 US presidential election has dramatically reversed course. Most major tokens have now surrendered their gains entirely. Data from analytics firm IntoTheBlock reveals the sector's market capitalization has effectively retreated to November 2024 levels.
"The winter meme coin season surge has been completely undone," IntoTheBlock noted in a recent market update. This collapse marks a significant reversal from the exuberance that followed Donald Trump's electoral victory.
Dogecoin, the original meme cryptocurrency, exemplifies this pattern. DOGE surged from approximately $0.20 before the election to nearly $0.50 after Trump's November 5 win. The token now trades at $0.20 following today's market-wide selloff. The decline effectively erases four months of price action.
Shiba Inu has fared even worse. SHIB plunged from December's high of $0.000033 to $0.0000133, falling below pre-election levels. This represents a complete reversal of its post-election momentum.
The carnage extends across the meme coin landscape. Pepe's value collapsed 78% over two months, dropping from $0.0000264 in December to $0.00000575. Bonk mirrored this trajectory, falling from $0.000054 to $0.0000125 by late February. FLOKI declined from $0.00027 in November to $0.000077 as of February 24. Perhaps most dramatic was dogwifhat, which crashed 89% from post-election highs of $4.20 to just $0.51.
Bitcoin and XRP have notably bucked this trend. Bitcoin traded near $65,400 before the election results and subsequently reached $109,000 in January.
Despite recent pullbacks, it maintains substantial gains at $90,000 — still 42% above November levels. The asset has demonstrated remarkable resilience amid broader market turmoil.
XRP has performed even more impressively, rising from $0.706 in early November to $3.33 in January. It currently trades at $2.21, representing a 245% increase since the election. Its performance has been bolstered by growing institutional interest, particularly around potential ETF approvals.
The institutional adoption narrative for XRP gained significant momentum when Brazil approved the world's first spot XRP ETF. This fund will launch on the B3 exchange under Hashdex's management with administrative support from Genial Investimentos. Meanwhile, the SEC is reviewing applications from major asset managers including 21Shares, Bitwise, Grayscale, and CoinShares for similar products in the US market.
This divergence underscores a growing market maturity. Established cryptocurrencies with clearer use cases have maintained substantial value while purely speculative assets face severe corrections. The contrast highlights evolving investor preferences in an increasingly sophisticated digital asset landscape.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.