Meme Coin Market Cap Wiped Out as WIF, BOME, and PNUT Tokens Crash 80–91%

The current state of the meme coin marketplace remains turbulent. The market value of three previously dominant tokens such as Dogwifhat (WIF), Book of Meme (BOME) and Peanut the Squirrel (PNUT) declined by 80–91% since their December 2024 peak levels.

Meme Coins Lose ‘Trump Pump’ Gains as Market Value Drops by 80-91%

The meme coin market continues to experience drastic shifts, with three tokens that dominated the scene facing substantial declines in market value.

According to data from CoinMarketCap, the gains made during the “Trump Pump” frenzy have now largely dissipated from the sector.

Solana-based meme coin Dogwifhat (WIF) soared to reach a market capitalization of $4.57 billion during the December Trump pump.

However, its market capitalization now stands at $682 million, reflecting an 84% decline from its peak in July 2024.

Another meme coin, Book of Meme (BOME), which aimed to merge memes with decentralized storage, crashed by 87% from its peak of $1.1 billion to reach $137 million.

Meanwhile, Avalanche-based meme coin Peanut the Squirrel (PNUT), which underwent a rebranding after an initial collapse, fell by 91% from its peak.

The token, which faced a second crash, left holders questioning the longevity of memes in the crypto sphere.

Among other meme coins, the AI-themed GOAT dropped by 90% from its peak, while the Trump-linked MELANIA Meme crashed by 88%.

Both tokens now trade at a fraction of their all-time highs.

In contrast to the meme coin declines, Bitcoin (BTC), Solana (SOL), and HyperLiquid’s HYPE (HYPE) recorded gains during the same period.

According to data from TradingView, BTC rose by 2.3% in the past month, while SOL and HYPE climbed by 5.1% and 8.4%, respectively.

These assets, which are backed by established ecosystems or infrastructure, highlight a growing divide in the market.

While retail investors prioritize hype and momentum, professional investors appear to be focusing on the fundamentals and long-term potential of digital assets.

This split in investor sentiment is evident in a statement by Bitwise CIO Matt Hougan on X (formerly Twitter), where he highlights, “Retail sentiment is the worst it's been in years, while professional investors are extraordinarily bullish. It's like living in two completely separate worlds.”

The collapse of meme coins can be attributed to several key factors. Many of these tokens peaked during the December Trump Pump, and as the hype subsided and market volatility increased, investor interest shifted elsewhere.

Furthermore, liquidity also moved away from meme coins, with investors redirecting their capital to Bitcoin ETFs and chains like Solana. This shift resulted in a decrease in the trading volume needed to impact the prices of meme coins.

Lastly, the importance of utility in determining a token's resilience is highlighted by the observation that tokens with real use cases, such as HyperLiquid's HYPE, fared better than those built solely on viral appeal.

Projects without clear utility experienced faster and deeper declines in value.

The data suggests that meme coins that lack strong fundamentals are unlikely to sustain their gains in the long run. While tokens like WIF and BOME may experience temporary recoveries during bullish cycles, their recent steep drops indicate that these recoveries are likely to be short-lived.

In contrast, assets like Bitcoin and Solana continue to hold their value due to stronger underlying support, which highlights the importance of utility in determining lasting value in the digital asset market.