DOGE, SHIB, PEPE Plummet: Meme Coins Erase Gains Despite Early Post-Election Hype
Many cryptocurrencies have erased all the gains accumulated since the 2024 United States Presidential Election, with meme coins particularly affected, according to IntoTheBlock.
In a recent tweet, the analytics firm highlighted that the meme coin market capitalization is nearing its November 2024 levels.
Such a trend effectively depicted the undoing of the surge witnessed during the winter “meme coin season.”
Meme Coin Meltdown
The OG meme coin – Dogecoin (DOGE) – which rallied from around $0.20 before the election to a multi-year high of almost $0.5 following Donald Trump’s victory on November 5, 2024, has since retraced most of its gains. It is currently trading at $0.20 after this morning’s market-wide crash.
Next up was Shiba Inu (SHIB), which experienced a similar trajectory as it plunged from December’s peak of $0.000033 to $0.0000133 – lower than the pre-election levels.
Additionally, Pepe’s (PEPE) price more than halved from $0.0000264 in December to $0.00000575, marking a 78% decline over two months. Bonk (BONK), too, mirrored this trend, crashing from a December high of $0.000054 to $0.0000125 by late February.
FLOKI’s (FLOKI) price tumbled from $0.00027 in late November to $0.000077 as of February 24th. Notably, dogwifhat (WIF) experienced a dramatic drop, plummeting over 89% from $4.20 shortly after the election to $0.51 at the time of writing.
Bitcoin and XRP Retain Strong Post-Election Gains
Despite the broader market downturn, Bitcoin (BTC) and XRP have managed to hold their post-election gains, distinguishing themselves from the steep declines across the meme coin sector. Bitcoin was trading near $65,400 before the election results and soared above $109,000 in January. Although it has pulled back, the leading crypto asset remains strong, currently trading near $90,000 – still over 42% above its November level.
Similarly, XRP climbed from $0.706 in early November to $3.33 in January. Despite a subsequent decline to $2.21, the token remains up by a whopping 245% since the election period. Its rally has been propelled by growing anticipation over XRP ETFs, especially after the US Securities and Exchange Commission (SEC) recognized multiple filings in early February.
However, it was Brazil that approved the world’s first spot XRP ETF. The fund, set to launch on the B3 exchange, will be managed by Hashdex with administrative support from Genial Investimentos. At the same time, the SEC is examining spot XRP ETF applications in the US from leading asset managers including 21Shares, Bitwise, Grayscale, and CoinShares.
The divergence highlighted the trajectory maintained by established cryptocurrencies amidst heightened market volatility and profit-taking in speculative assets such as meme coins.
The post DOGE, SHIB, PEPE Plummet: Meme Coins Erase Gains Despite Early Post-Election Hype appeared first on CryptoPotato.
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SEC Reviews Grayscale Cardano ETF Proposal Amidst Growing Institutional Interest
- The SEC acknowledged NYSE Arca’s proposal to list the Grayscale Cardano Trust, setting the stage for regulatory review.
- If the SEC approves the ETF, it would provide institutional exposure to ADA without direct ownership.
The U.S. SEC has officially acknowledged NYSE Arca’s filing to list and trade the Grayscale Cardano Trust as a spot exchange-traded fund (ETF). The bold decision was made on Feb. 24 and starts the clock for the SEC’s review process, which sets the stage for what could be a historical moment for Cardano (ADA) approval in traditional finance.
This acknowledgment signals growing regulatory openness towards crypto ETFs under the new SEC leadership. Notably, multiple similar filings for Ripple (XRP), Dogecoin (DOGE), and Hedera (HBAR) are also under SEC review.
SEC *acknowledges* NYSE’s 19b-4 filing to list & trade Grayscale Cardano ETF… pic.twitter.com/fKQ6u9YowH
— Nate Geraci (@NateGeraci) February 24, 2025
Grayscale Expands Beyond Bitcoin and Ethereum
Grayscale, the largest digital asset manager, has steadily expanded its ETF ambitions beyond Bitcoin (BTC) and Ethereum (ETH). The Grayscale Cardano Trust, if approved, would track ADA’s market price through a daily index surveying major exchanges, including Coinbase, Kraken, Crypto.com, and Bitfinex.
“An investment in the Shares is not a direct investment in ADA; the Shares are designed to provide investors with a cost-effective and convenient way to gain investment exposure to ADA,” the filing states.
The proposed ETF designates Coinbase Custody Trust Company as the custodian and BNY Mellon Asset Servicing as the administrator.
While Bitfinex is included in the ETF’s index due to its liquidity, its lack of U.S. licensing may pose regulatory challenges. This raises regulatory questions, but Grayscale’s confidence in the SEC’s changing stance suggests that such hurdles may not be deal-breakers.
A Broader Shift in U.S. Crypto Regulations
This ETF filing comes amid a broader shift in U.S. crypto policy. Under acting SEC Chair Mark Uyeda, the agency has scaled back enforcement actions against major crypto firms, including Coinbase and Robinhood. This regulatory relaxation has led to an influx of ETF applications, with the SEC acknowledging half a dozen crypto-related ETFs in recent weeks.
If the U.S. SEC ultimately approves the Grayscale Cardano (ADA) ETF, it could pave the way for other altcoin ETFs. This would make it easier for traditional investors to gain exposure to Cardano without directly holding the asset.
Despite the regulatory progress, ADA’s price remains a little unmoved yet. At the time of the acknowledgment, Cardano was trading at $0.6833, reflecting an 8.97% daily decline.
Meanwhile, analysts point to broader market bearishness and a lack of immediate liquidity influx from ETFs as reasons for the price stagnation. However, many believe a final approval could serve as a major catalyst for ADA’s long-term growth.
Looking ahead, the SEC’s decision will be influenced by its stance on the existing crypto ETFs and how Grayscale effectively addresses concerns around market manipulation.
While the review process is officially underway there is heavy optimism about its approval. However, the next few months could prove pivotal for Cardano and the broader altcoin ETF market.
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