During the last bull market, a period often called the Solana meme coin season, several new cryptocurrencies surged to prominence. These digital assets saw their market capitalizations skyrocket from tens of millions to over a billion dollars, sometimes in just a few months. Their explosive growth quickly attracted a large number of holders. However, with the arrival of the bear market, these once-billion-dollar meme coins have plummeted, erasing most of their previous gains.
POPCAT Meme Coin Falls from $2 Billion to Under $50 Million
POPCAT became one of the most recognizable names from the Solana meme coin season, and its growth story is particularly striking. When its price surpassed $1 in 2024, it became the first cat-themed meme coin to officially hit that major milestone. Its total rise from under $1 million to over $2 billion occurred in less than a year, marking one of the most impressive meme coin rallies in history. The coin didn’t stop there, eventually peaking at a $2 billion market cap.
But since its initial decline began in November 2024, the price has crashed by more than 97%. It fell from a peak of $2.05 per coin to just $0.05 at the time of writing, with its market cap dropping below $50 million. This makes it one of the most severe crashes for a former top meme coin.
Cats In A Dogs World (MEW) Sees Rapid Decline
Unlike POPCAT, Cats in a Dogs World (MEW) entered the meme coin market at a much larger scale, launching with a market cap already above $100 million. This led to accusations that it was a “cabal coin.” Despite this, its price continued to climb, eventually reaching a peak just above a $1.2 billion market cap.
Then the bear market hit, and the price started falling again in November 2024. Since then, it has dropped by over 95%, leaving its market cap at a mere $50 million.
Peanut The Squirrel (PNUT) Disappoints Investors
Peanut The Squirrel (PNUT) is a meme coin named after an Eastern gray squirrel that went viral after its death in 2024. The squirrel was put down by the New York State Department of Environmental Conservation (DEC), sparking public outcry, and the meme coin was created soon after.
Following its launch, the coin gained rapid prominence, earning support from the Binance exchange and a quick listing. As a result, it crossed a $1 billion market cap in less than a month, becoming the fastest on this list to reach that milestone.
However, just as its rise was the fastest, its fall has been the most severe. Data shows the coin is down more than 98% since November 2024 and now has a market cap of just $40 million.
Frequently Asked Questions
Frequently Asked Questions About Crashed Meme Coins
Beginner Questions
What is a meme coin
A meme coin is a type of cryptocurrency that originates from an internet meme or joke They often have little to no underlying utility and their value is driven primarily by community hype and social media trends
Why do meme coins crash so hard
They crash because their initial value is based almost entirely on hype and speculation not longterm fundamentals When the hype dies down interest fades and people sell the price can plummet rapidly
Is it possible for a crashed meme coin to recover
While possible its very rare and difficult A recovery usually requires a massive resurgence in hype a major new development or a rebranding Most never regain their previous highs
I lost money on a meme coin What should I do now
First dont invest more money trying to win it back Treat it as a learning experience about the risks of speculative investing Consider speaking with a financial advisor and only invest what you can afford to lose in the future
How can I spot a risky meme coin before investing
Look for red flags anonymous developers excessive hype with no real project promises of guaranteed returns and a community focused only on price pumping rather than the coins purpose
Advanced Practical Questions
Whats the difference between a rug pull and a normal crash
A rug pull is a scam where developers abandon the project and run off with investors funds causing an intentional instantaneous crash A normal crash happens organically when hype fades and selling pressure overwhelms buying pressure even if the developers are still present
Can I claim a capital loss on my taxes for a meme coin that crashed
In many countries yes If you sold the coin at a loss that loss can often be used to offset capital gains taxes on other investments You must keep detailed records of your transactions Consult a tax professional for advice specific to your situation
What role do influencers and celebrities play in these cycles
Influencers and celebrities can massively amplify hype driving rapid price increases However they often promote coins without disclosure and may sell their holdings early contributing to the subsequent crash Their endorsements are not investment advice