PEPE, WIF, PNUT and more dive into double digits

TL;DR

The meme coin niche witnessed a major correction today (November 15), but its total market capitalization remains close to $120 billion. Although these tokens can offer massive profits in the past, their speculative nature makes them quite dangerous for inexperienced traders. Heading south

The past 24 hours have not been kind to the cryptocurrency market, with numerous leading assets posting substantial losses. Bitcoin (BTC) fell below $88,000, Ethereum (ETH) fell to roughly $3,000, while Solana (SOL) is down 4%.

The meme coin industry has fared even worse. Dogecoin (DOGE) plummeted 8%, while its main rival, Shiba Inu (SHIB), fell 9%.

Some of the assets whose prices have soared in recent days, such as Pepe ( PEPE ) and Peanut the Squirrel ( PNUT ), are now among the poorest, posting double-digit losses. Other tokens joining this club include Popcat (POPCAT), Neiro (NEIRO), dogwifhat (WIF) and more.

PNUT Price, Source: CoinGecko

It’s not all doom and gloom though, as some meme coins are well in the green zone. Examples include CAT (+10%), BRETT (+13%), SPX (+17%), DEGEN (+26%) and others.

Meanwhile, the total market cap of the meme coin niche remains well above $100 billion. Earlier this week, the number surpassed the record $120 billion.

The volatile nature of Meme Coin

Meme coins have become a major trend in the cryptocurrency world, often making headlines due to their rapid price increases and widespread popularity fueled by internet culture.

Many tokens such as DOGE, SHIB, BONK and PEPE have seen triple and even quadruple increases in the last year, leading to significant profits (at least on paper) for those who jump on the bandwagon in the early days .

However, memes can just as easily experience a major correction, which could lead to devastating losses for inexperienced or overleveraged traders. After all, many of these assets have no fundamental value in terms of utility or intrinsic value, and their prices are largely influenced by market speculation.

That being said, people are advised to enter the ecosystem after doing proper due diligence and invest only the amount they are prepared to part with.

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