TRUMP And BODEN Tokens Drop Amid Market Reduction

JAKARTA - The crypto asset market has experienced a significant decline in recent weeks, and meme coins, known for their volatility, are no exception. Tokens like TRUMP and BODEN suffered substantial double-digit losses, reflecting broader turmoil in the market.

In recent months, meme-based crypto assets have attracted great attention, close to their peak value recorded in 2021. Currently, the total economic value of meme coins is below 50 billion US Dollars, to be precise 49.93 billion US Dollars (around Rp. 820 trillion).

According to Bitcoin.com News information, over the past seven days, ten meme coins suffered losses between 40.7% to 74.8%. Among these coins, BEER, MOTHER, GME, ANDY, and PUPS were included in the well-known token category. The maga token (TRUMP) experienced a 49.7% drop this week, while the Doland Tremp (TREMP) fell by 44.3%. Under the list of ten meme coins with the worst performance, the jeo body (BODEN) experienced a 40.7% decline against the US dollar.

Catwifhat (CWIF) fell by 35.8% over the past week, and the super-trump (STRUMP) saw a decline in value by 34%. Leading meme coins such as DOGE and SHIB also suffered losses, respectively by 13.9% and 15.6% this week. In addition, Bonk (BONK) fell by 18.8%, Pepe (PEPE) decreased by 7.7%, and floki (FLOKI) slumped by 17% over the past week. The meme coin run, known as DOGURGOOgetOLETOOTHEMOON (DOG), suffered a loss of 25% this week.

The decline in the value experienced by this meme coin reflects the broader volatility in the crypto asset market. When meme coins sink into the red ocean, many investors and the crypto community begin to question the sustainability of these speculative assets. Is this just a market correction, or could this signal the peak of speculative assets like meme coins?

Amid the growing losses, market participants may need to re-evaluate the appeal of meme coins that have been known for more than humor and speculation than intrinsic value. This drastic drop could be a reflection moment for investors to reconsider their investment strategy in the crypto space.