From Peak to Pit: 52-Week Memecoin Drawdowns Analyzed

• The previous 12 months has been bearish for memecoins.
• Prime 10 memecoins have misplaced a median of 63.73% up to now 12 months.
• BONK recovered from a 96.63% pullback to a present 64.63% drawdown.

The previous 12 months has been particularly tough for memecoins, with the highest 10 tokens within the class down by a median of 63.73% from their peak. Main cryptoanalysis platform, Lookonchain, broke down how the highest memecoins have carried out up to now 52 weeks, revealing their highest drawdowns and the extent of their recoveries.

Lookonchain’s evaluation lined crypto property like DOGE, SHIB, PEPE, WIF, and BONK, in addition to FLOKI, BRETT, POPCAT, BOME, and MEW. The platform highlighted the 52-week excessive and low of every memecoin, exhibiting how a lot every token fell in the course of the interval.

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BONK led the pack with the best drawdown up to now 12 months, plunging 96.63%. The memecoin tumbled from a 52-week excessive of $0.00004704 to $0.0000001763 earlier than bouncing again to $0.00001664. BONK’s restoration means its cumulative drawdown up to now 12 months shrank to 64.63%.

Remarkably, solely DOGE, out of all the highest 10 memecoins, averted an 85% loss up to now 12 months. The dog-themed memecoin misplaced 74.64% by dropping from a 52-week excessive of $0.2266 to a $0.05747 low. In the meantime, the main memecoin recovered a part of the loss and rallied to $0.09532 throughout Lookonchain’s evaluation, reflecting an general drawdown of 57.93% up to now 12 months.

The extensive swings in memecoin costs underscore the acute volatility of this sector of the cryptocurrency market. It additional highlights the speculative nature of the class and explains why it’s thought of essentially the most risky among the many varied crypto asset lessons. Many memecoin builders create them primarily for hypothesis. Because of this, many analysts think about them as cryptocurrencies with out vital use instances.

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On the floor, Lookonchain’s evaluation paints a bearish image for memecoins, contemplating the 63.73% common drawdown throughout the highest 10 listed tokens. Nevertheless, it’s necessary to do not forget that even with such figures, the memecoin sector has proven indicators of life not too long ago. Working at a 63.73% loss exhibits memecoins have climbed again from a earlier common of 92.85% drawdown on the depths of the bear market.

Such figures as the present common drawdown give hope to memecoin neighborhood members, who’re seemingly accustomed to the sector’s risky nature. They imagine in the opportunity of a complete restoration whereas additionally recognizing the dangers concerned in memecoins buying and selling.