Dogecoin and Memecoins Could Face Waning Retail Interest After Sector Drops to July Levels

• Memecoin market cap fell ~40% intraday to $44B, recovering to roughly $57B.

• Top memecoins (Dogecoin, Shiba Inu, Pepe) posted weekly losses above 13%; some tokens lost over 20%.

• Top 10 memecoins represent ~82% of the sector (~$47B); NFT and BTC/ETH markets rebounded faster, with listed ETF inflows noted.

memecoin market cap plunges from $72B to $44B, stabilizing near $57B after a volatile sell-off; read COINOTAG analysis with data, charts and expert insights.

By COINOTAG — Published: October 13, 2023 | Updated: October 13, 2023

What is causing the memecoin market cap to drop?

memecoin market cap fell sharply after a broad crypto market correction on Friday, which pushed the sector from an estimated $72 billion down to about $44 billion on October 11. The move reflects concentrated retail selling and extreme intra-sector correlation among the largest memecoins, followed by a partial, cautious rebound.

How did individual memecoins perform during the sell-off?

The largest memecoins showed synchronized declines. Dogecoin, Shiba Inu and Pepe each recorded weekly losses exceeding 13%, while smaller plays such as Bonk and Floki fell more than 20%. The top 10 memecoins now account for roughly 82% of the sector’s value, about $47 billion, underscoring concentration risk. CoinMarketCap data show the sector dipped to about $44 billion on October 11 before recovering to approximately $53–57 billion over the next day. A Coinotag crypto strategist noted: “Retail momentum cooled sharply after the correction, revealing how sentiment-driven these tokens remain.”

Frequently Asked Questions

How much did the memecoin market cap fall on October 11, 2023?

The memecoin market cap declined by nearly 40% intraday on October 11, dropping from around $72 billion to approximately $44 billion, according to available market-cap aggregates reported by CoinMarketCap. A modest recovery followed, pushing the combined valuation back toward the mid-$50 billion range.

Did memecoins recover after the crash?

Yes. Memecoins partially recovered after the initial sell-off, stabilizing near $53–57 billion within 24–48 hours. However, recovery has been uneven: larger tokens regained some ground more quickly, while lower-liquidity coins continue to trade under pressure.

Key Takeaways

• Sharp intraday correction: The memecoin sector fell ~40% on October 11, dipping to about $44B from $72B.
• Concentration risk: Top 10 memecoins constitute ~82% of sector value (~$47B), amplifying downside when leaders sell off.
• Broader market resilience: NFTs, Bitcoin and Ether showed faster rebounds; BTC and ETH recovered notable ground while ETFs recorded fresh inflows.

Conclusion

The recent memecoin market cap decline highlights how sentiment-driven tokens can produce outsized intraday moves. While the sector recovered partially to roughly $57 billion, the episode underlines elevated concentration and liquidity risks for retail participants. COINOTAG will continue monitoring on-chain flows, market-cap aggregates (CoinMarketCap), and ETF activity as signals of whether institutional and retail confidence is returning. For cautious investors: review allocation, manage position sizes, and consider volatility before entering memecoin positions.

Disclosures

Crypto Investing Risk Warning: Crypto assets are highly volatile. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest. Read the full disclaimer provided by COINOTAG. Affiliate Disclosure: This article may contain affiliate relationships disclosed by COINOTAG; no external links are included in this report.