MemeCoin Market Slips To $35.4 Billion Despite Token Surges

Despite spectacular increases in several launched tokens, the memecoin market falls to around 35.4 billion dollars. These performances usually rely on low liquidity, while the sector’s main assets remain stable or decline.

The memecoin market loses nearly 4% in 24 hours

The market capitalization of memecoins just reached nearly 35.4 billion dollars on September 29, down 3.7% in one day. Such a correction confirms an already visible trend. An earlier market analysis had thus shown a capitalization of 35.2 billion dollars and a 24-hour decline of 4.2%.

Thus, the trading volume stands at around 4 billion dollars, according to the data provided by CoinGecko. The sector is therefore not pursuing a collective increase. Capital moves quickly between certain projects and several networks.

The main fluctuations illustrate this fragmentation :

• Baby Cali jumped by nearly 11,400%, before losing 17% in one hour ;
• Shareholder Cat gained about 7,300%, then dropped 37% in one hour ;
• PUMP rose nearly 12% thanks to the activity of Pump.fun ;
• DOG, SPX6900, and NPC lost between 11% and 14% over 24 hours.

The three largest increases concern tokens that are a few hours or days old. Indeed, their valuation remains between less than 1 million and 9 million dollars. These movements do not necessarily reflect the situation of the major memecoins.

PUMP benefits from revenues and buybacks by Pump.fun

PUMP stands out from all the other increases because of an identifiable catalyst. The native token of Pump.fun had benefited from a capitalization close to 2.4 billion dollars after its rise. Thus, the platform used part of its revenues for buybacks of its tokens on the market.

Currently, DefiLlama records 1.71 million dollars in fees in one day, including nearly 920,000 dollars of revenues kept by the protocol. About 625,000 dollars have been allocated to holders through buybacks performed by PUMP. These figures are continuously increasing and thus differ from the previous report of 2.11 million dollars.

Over about thirty days, Pump.fun has generated more than 46 million dollars in fees and 34 million in revenues. Token buybacks approached nearly 25 million dollars over the same period. This programmed demand provides support that most memecoins do not have.

Nevertheless, PUMP experienced a reversal during the session. Its initial lead therefore does not guarantee a sustainable evolution. Buybacks can support the price, but they do not neutralize profit-taking or the general market slowdown.

Extreme increases hide a liquidity problem

The actual liquidity available must be compared to the percentages displayed by new tokens. Baby Cali and Shareholder Cat had only 289,000 to 576,000 dollars in liquidity, despite valuations estimated at several million dollars.

A high capitalization does not mean that all holders would sell their tokens at the last displayed price. When the order book remains shallow, a few purchases suffice to make the price explode. Thus, subsequent sales can trigger a correction just as rapid.

The token JACK presents a more severe example. Indeed, it lost 86% in six hours after recording a volume of 12.8 million dollars, while its liquidity did not exceed 54,000 dollars. A large position would therefore have been difficult to liquidate without a strong accentuation of the drop.

During this September, a published study analyzed the 15 million tokens launched on Pump.fun in two years. The researchers identify five manipulation practices, including “wash trading”, coordinated sales, token copies, and artificial promotion on social networks.

The sector is still waiting for a genuine widespread increase

The major memecoins are not yet fully participating in the movement. PENGU, BONK, and WIF have dropped between 2% and 6% after recording gains earlier in the week. PENGU notably jumped nearly 38% thanks to the attention surrounding the Korea Blockchain Week.

Most of the increases now focus on Solana and the Robinhood blockchain. Tokens from the latter accounted for more than a third of the 30 best performers. This concentration reveals that investors follow timely narratives rather than a sustainable sector-wide movement.

The return of bitcoin above 85,000 dollars would improve risk appetite. However, a true memecoin recovery might require broader growth, lasting liquidity, and participation by the main tokens. For now, the market mostly rewards short-term catalysts and exposes late buyers to abrupt reversals.