Here’s a breakdown of the memecoin market drop, the fall across top tokens and the parallel decline in NFT demand.
The memecoin market saw one of its toughest days of the year, as traders pulled back from speculative crypto assets.
Values slid across major tokens and sentiment weakened. This drop also matched the fall in NFTs, which saw their lowest level since April.
Memecoin Market Shows Sharp Weakness
The combined market cap of memecoins fell to $39.4 billion after the recent sell-off. CoinMarketCap showed a $5 billion drop in a single day for the market as colume climbed by about 40 per cent. Yet prices still slid. This shows that traders moved funds fast, but not toward long positions.
The downturn marked a large reversal from January 5, when memecoins reached $116.7 billion.
The drawdown now sits at more than 66% from that high. This correction came during a wide slump across crypto. CoinGecko data showed the larger market dipped from $3.77 trillion at the start of November to $2.96 trillion.
Nearly $800 billion vanished in less than a month.
Bitcoin traded at roughly $82,778, down close to 15% for the week. Ether itself slipped by about 16% and their drops affected the entire tone across risk-heavy sectors.
Top Tokens Fall Across Every Timeframe
The top ten memecoins showed red numbers across hourly, daily and weekly charts. This shows lower appetite for high-risk plays. Dogecoin and Shiba Inu both saw double-digit losses as Pepe, Bonk and Floki dropped even harder.
Many tokens lost between 11 and 20% over the past week. The Official Trump token, the only one with smaller losses still fell more than 11%. Dogecoin slipped about 14% and the SPX6900 also declined by more than 14%.
Bonk, Pudgy Penguins’ PENGU token, Pepe and Dogwifhat all saw weekly drops of around 20%. These numbers indicate that traders stepped back from large meme positions rather than buying dips.
NFT Values Drop to Multi-Month Lows
NFTs also saw a large fall. CoinGecko reported a market cap of $2.78 billion. That is a 43% slide from the $4.9 billion level recorded a month earlier. This is the lowest NFT valuation since April and shows weaker demand for collectables.
Among the top ten collections, most fell by double digits over 30 days. Hyperliquid’s Hypurr NFTs dropped more than 41%. Moonbirds recorded a slide of almost 33%. CryptoPunks fell more than 27%a nd Pudgy Penguins lost more than 26%.
Only two collections avoided the slump. Infinex Patrons climbed 11%, the best result of the group. Autoglyphs held steady and slipped only 1.9%.
New Meme Tokens Struggle to Gain Demand
A new meme token tied to a Base founder and Coinbase executive added more signs of weak sentiment.
The token, named $jesse, launched with heavy attention but reached only a $17.17 million market cap. This number surprised traders who expected stronger results due to the figure behind it.
Meme winter is coming🥶
Base 创始人兼 Coinbase 高管提前预热的首个个人代币 $jesse
市值竟然只有 1717 万美元，市场终于 不买单了 pic.twitter.com/0qV570JJUJ
— Ai 姨 (@ai_9684xtpa) November 21, 2025
Public posts on X described this as a sign of a possible meme winter. Many traders read the event as a hint that hype alone no longer pulls buyers. New meme tokens may need stronger communities or clearer use cases to survive early trading.
Related Reading: Shiba Inu Holds $0.000010 Range – Chart Hints at 40% Surge
Traders Adjust Positions During the Decline
The slide across the memecoin market forced many traders to adjust their strategies. Some looked for short setups on tokens that broke major support levels.
Others waited for oversold signals on charts like RSI dips, before attempting quick scalps.
Several traders also looked at links between exchange stocks and token demand. Any positive news from Coinbase or similar firms can sometimes lift sentiment.
Still, the current pullback showed that traders leaned toward caution rather than risk-heavy bets.