Meme Coin Unicorns That Are Now Basically Dust Again

During the last bull market, in what is popularly known as the Solana meme coin season, a number of new cryptocurrencies made their way to the forefront. These digital assets had gone from market caps in the tens of millions to cross the billion-dollar market cap, sometimes in only a matter of months. Due to their rapid growth rate, these meme coins have quickly garnered a wide holder base. However, as the bear market has rolled around, these billion-dollar meme coins have crashed by a large margin, completely eliminating the majority of their gains.

POPCAT is one of the most recognizable names to come out of the Solana meme coin season, but its growth trajectory is even more interesting. When the meme coin’s price crossed $1 back in 2024, it actually became the first cat-themed meme coin to officially cross this major milestone.

The total growth from less than $1 million to over $2 billion happened in less than one year, showing one of the most impressive meme coin rallies in history. Even more interesting is the fact that the meme coin did not stop there, eventually reaching $2 billion before reaching a top.

However, since the initial decline, which began back in November 2024, the price has now crashed by more than 97%. It has gone from $2.05 per coin at the peak, with the meme coin’s market cap dropping below $50 million as it is currently trading at $0.05 at the time of writing. This categorizes it as one of the worst crashes that has plagued a previously top meme coin.

Unlike POPCAT, Cats in a Dogs World (MEW) had made its entrance to the meme coin market ‘fully formed.’ The meme coin had burst into the scene with its market cap already trading above $100 million, earning it allegations that it was a ‘cabal coin.’

Nevertheless, the meme coin had continued to move upward, eventually topping just above $1.2 billion. This was before the bear market hit, and the price began to fall again in November of 2024. Since then, the price has fallen by more than 95%, with its market cap now sitting at a mere $50 million.

Peanut The Squirrel (PNUT) is a meme coin named after an Eastern gray squirrel which went viral after its dead in 2024. The death of the squirrel had led to public outcry after it was put down by the New York State Department of Environmental Conservation (DEC), and the meme coin was born not long after.

Following its launch, the meme coin quickly gained prominence, gaining support from the Binance crypto exchange and quickly getting listed. As a result, it was able to cross $1 billion market cap in less than one month, becoming the fastest on this list to reach the milestone.

Just like its growth trajectory was fastest, the PNUT meme coin has suffered the most in terms of losses. According to data from the Coingecko website, the coin is down more than 98% since November 2024 and is now sitting at a $40 million market cap.