Meme Coins Decline Amid Market Correction: BOME, WIF, and SHIB Face Steep Losses

Amid a broader market correction, investor interest in meme coins has notably dwindled, with some of the most popular tokens facing sharp declines.

According to market data, meme coins like BOOK OF MEME (BOME), Dogwifhat (WIF), and Shiba Inu (SHIB) have been hit hard, experiencing significant drops in value over the past year.

Solana-based BOME has seen one of the steepest declines, plunging nearly 97% from its 52-week high of $0.02805 to a low of $0.000858. Currently trading at $0.005756, it has lost approximately 79% of its value from its peak.

WIF, another meme token on the Solana blockchain, faced similarly severe losses. It dropped 98.6% from a high of $4.85 to just $0.0677. With a current price of $1.41, WIF remains down 70.93% from its peak. SHIB, the second-largest meme coin by market cap, also took a hit, dropping from a 52-week high of $0.00004534 to a low of $0.00000688, a decline of 85.25%. SHIB is currently priced at $0.00001321, down 70.86% from its peak.

The overall meme coin market capitalization has contracted significantly after reaching a high of over $65 billion on May 30. It briefly peaked at $69 billion in early March before declining alongside the broader crypto market. A short-lived surge to $43.79 billion in late August proved unsustainable, with the meme coin market cap now at $38.9 billion, accounting for 18% of the global crypto market cap, which currently stands at $2.12 trillion, per CoinGecko data.

Other meme tokens like Dogecoin (DOGE), Pepe (PEPE), and Floki (FLOKI) have also seen declines, albeit less severe. Despite the downturn, meme coins continue to capture substantial attention, as demonstrated by the success of recent TRON-based meme tokens launched with SunPump.