Memecoins and NFTs Plunge as Crypto Market Faces Broad Downturn

Memecoins and NFTs Plunge Amid Crypto Market Downturn

Memecoins plummeted to their lowest valuation in 2025 on Friday, with a combined market capitalization of $39.4 billion, according to data from CoinMarketCap. The sector shed over $5 billion in 24 hours, declining from $44 billion despite a 40% increase in trading volume. This represents a sharp reversal from the year’s peak on January 5th, when the memecoin market cap collectively reached $116.7 billion. Friday’s rout marks a 66.2% drawdown from that 2025 high.

The sharp sell-off mirrors a broader decline across the digital asset market. CoinGecko data indicates that the total crypto market cap fell from $3.77 trillion on November 1st to $2.96 trillion on Friday, wiping out $800 billion in just three weeks. As of this writing, Bitcoin (BTC), the market’s leading asset, traded at $82,778, a 14.7% decrease over the past week. Ether (ETH) showed similar weakness, falling 16% to $2,688 over the same seven-day period.

Top Memecoins Bleed Across All Timeframes

Currently, the top 10 memecoins by valuation are deeply in the red across all major timeframes, including the 1-hour, 24-hour, and seven-day charts. This suggests a significant decrease in risk appetite within the sector. Major memecoins, like Dogecoin (DOGE) and Shiba Inu (SHIB), posted double-digit losses, while tokens such as Pepe (PEPE), Bonk (BONK), and Floki (FLOKI) experienced even steeper declines. Seven-day drops ranged from 11% to over 20% for the hardest-hit tokens. Even Donald Trump’s Official Trump (TRUMP) memecoin was affected, sliding 11.65% over the week. This token was followed by Dogecoin, which declined 14.10% and SPX6900, which lost 14.26% in value.

Bonk, Pudgy Penguiins (PENGU), Pepe, and Dogwifhat (WIF) recorded the deepest weekly losses, around 20% each.

NFTs Slide to Lowest Valuation Since April

The non-fungible token (NFT) market, another speculative area within the crypto ecosystem, also suffered significant losses alongside memecoins and the broader digital asset market. CoinGecko data shows the NFT market cap fell to $2.78 billion on Friday, a 43% drop from its $4.9 billion valuation 30 days prior. This is the lowest market cap for digital collectibles since April, indicating waning demand for NFTs. Most of the top 10 NFT collections posted double-digit declines in the last month. Hyperliquid’s Hypurr NFTs were the biggest loser, dropping 41.1% in 30 days, followed by Moonbirds and CryptoPunks, with losses of 32.7% and 27.1%, respectively. Pudgy Penguins also lost approximately 26.6% during the same period.

Only two collections defied the sector-wide slump. Infinex Patrons posted an 11.3% gain in the last 30 days, making it the best performer among the top 10 NFT collections. Autoglyphs remained relatively stable with a minimal 1.9% loss, the smallest decline in the group.