Some of crypto’s best meme coins have been rocked by a sharp downturn, with tokens like Pepe, Bonk, and Floki suffering catastrophic losses.
Hailed as the tokenized epitome of internet culture and speculative euphoria, holders of these tokens now wonder if there is much future in them.
Over the past week, Pepe ($PEPE) has plummeted by 23%, Bonk (BONK) has lost 23% of its value, and Floki (FLOKI) has dropped 24%.
Investors are fleeing these high-risk assets in favor of the more stable crypto progenitor, the $2 billion cap Bitcoin ($BTC), which rose 1% over the last week and could even double next year.
This week the Federal Reserve cut rates for the third time in a row after hiking them eleven times.
In theory reducing borrowing costs tends to drive crypto prices up, since investors move to a more risk-positive outlook.
However, at the same Fed meeting that announced the rate cut, Jerome Powell also put a dampener on claims that the incoming Trump Presidency could stockpile a Bitcoin strategic reserve through the central bank, saying that currently, federal laws forbid it from doing so, but a Congressional decision could still make it happen.
While tokens like Dogecoin and Shiba Inu once captured the imagination of millions with high-profile celebrity endorsements, newer entrants are struggling to recapture that 2021 zeitgeist.
Pepe and Bonk, for instance, relied heavily on initial hype but failed to build sustainable ecosystems or developer engagement.
Floki’s attempts to diversify through trading bot functionality has done little to propel it ahead of its stalwart rivals.
Despite the grim outlook, meme coins are here to stay for a while.
Being crypto’s most volatile sub-sector, they tend to crash harder and moon higher than other cryptocurrencies.
As Bonk, Pepe and Floki spiral, Flockerz takes flight
In spite of falling prices this festive season is ushering in a new age of high-utility meme coins that are still only in presale. This means savvy investors can buy in at potentially all-time-low (ATL) prices.
One such offering is the new vote-to-earn (V2E) Flockerz ($FLOCK), a presale which started in early Autumn and has raised over $7.3 million.
Touting itself as “The People’s Meme Coin,” Flockerz offers crypto fans unrivaled community-building incentives and staking rewards.
Holders of Flockerz (known as “The $FLOCK”) are members of a decentralized autonomous organization (DAO) called Flocktopia, where they can draft and vote on governance and improvement proposals.
This structure ensures community consensus dictates the decisions rather than an opaque centralized authority, like with Bonk, Pepe, or Floki.
Some 25% of the project’s 12 billion $FLOCK meme coin supply is for staking, with the protocol offering stakes yield of 924% on the tokens they stake over a two-year period.
The Flock is growing day by day!
7M raised and this flocks here to stay!pic.twitter.com/a8gFhYt4P8
— Flockerz (@FlockerzToken) December 17, 2024
The Flock has a big reason to celebrate today!
Flockerz is a transparent and fully audited project. That’s why Coinsult audited its smart contract , to give investors peace of mind.
Furthermore, Flockerz is eyeing up listings on both centralized and decentralized exchanges (CEXs and DEXs), so it has global ambitions to join Bonk, Floki and Pepe.
Join now. Follow Flockerz on X and Telegram.
The post Crypto Bloodbath Hits Pepe, Bonk, and Floki – Is This the End of Meme Coins? appeared first on Cryptonews.