Meme Tokens Plunge 2.5% as SPX6900 Drops 5.9%

Meme tokens are experiencing a synchronized sell-off today, with SPX6900 leading the pack as the sector’s market cap declines by 2.5% to $54.8 billion. SPX6900 has posted the largest drops among the leading meme tokens, falling 5.9% over the last 24 hours to trade at $1.18. The token has gone on to lose across different time horizons, falling by 12.3% over seven days and 13% over two weeks. Showing short-term weakness, SPX6900 still maintains 21.1% gains over the previous month and a 7,760.5% return over the past year.

BONK and SHIB have also joined the broader meme retreat. BONK at $0.00001325 lost 1.6% in the past day while sustaining losses of 8.1% over the past week. The Solana-referenced meme token has been under selling pressure for longer durations, losing 7% in the past fortnight and 34% in the past month. The year-to-date performance is at 40.1% loss. BONK technical charts indicate minimal price activity in recent sessions, characterized by low volatility compared to other meme tokens. Shiba Inu continues to decline steadily, trading at $0.00001122 after declining 2.4% in the last 24 hours. SHIB has lost 4.7% over the week, 4.3% over two weeks, and 21.1% over the past month. The 34.3% decline on an annual basis reflects the difficult situation for experienced meme cryptocurrencies.

The immediate market order places Dogecoin at the #9 position at $0.161, down 0.6% today and 5.6% over the last week. DOGE’s relatively modest decline compared to smaller tokens suggests that institutional or longer-term participants are holding firm despite sector softness. Shiba Inu is at the #24 position, while newer ones, such as Pepe and Official Trump, are lower in the market. Pepe is currently valued at $0.059277, exhibiting variable performance. Although it remains stable in hourly charts, it loses 1.1% and 10.4% daily and weekly, respectively.

The meme coin market performance is the reverse of past instances of explosive growth, where retail speculation drove hyperbolic price increases. Market rotation toward more established cryptocurrencies, such as Bitcoin and Ethereum, has drawn capital away from speculative altcoins. Competition within the meme coin space has intensified dramatically, with hundreds of new tokens launching weekly across various blockchain networks. This influx has diverted capital, contributing to massive drops in cryptocurrencies like Dogecoin and Shiba Inu, making it harder for traders to pick winners and easier for them to fall into scams. Social media sentiment has cooled compared to peak meme coin mania periods.