Many cryptocurrencies, including meme coins, have erased all the gains accumulated since the 2024 United States Presidential Election.
Popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Bonk (BONK), FLOKI (FLOKI), and dogwifhat (WIF) have experienced significant declines in their prices.
On the other hand, established cryptocurrencies like Bitcoin (BTC) and XRP have managed to retain their post-election gains and show relative strength amidst the market downturn.
The divergence between meme coins and established cryptocurrencies highlights the volatility and speculative nature of the meme coin market.