- Pump.fun, dogwifhat and Pepe prices plunged sharply on Monday.
- The sell-off in memecoins coincided with Bitcoin retreating toward $112,000.
- Ongoing headwinds for risk assets could push PUMP, WIF, and PEPE lower in the near term.
Pump.fun, dogwifhat and Pepe fell sharply as memecoins came under pressure amid renewed turbulence across the cryptocurrency market.
Memecoins weakened as Bitcoin’s momentum cooled after a recent surge that pushed the asset above $117,000 last week.
The benchmark cryptocurrency has since pulled back toward $112,000, a retreat that dampened market sentiment and prompted profit-taking across altcoins.
Memecoins were among the worst performers over the past 24 hours.
PUMP, WIF, and PEPE prices drop 10% or more
While Dogecoin, Shiba Inu and Bonk were significant losers, the downturn hit Pump.fun (PUMP) and dogwifhat (WIF) particularly hard.
Pump.fun (PUMP) reached an all-time high of $0.01214 in July. With profit-taking and a broader market pullback, the token slid to lows near $0.0060 after a bearish reversal around $0.0089 on Sept. 14.
PUMP has fallen more than 16% in the past 24 hours, mirroring the losses seen in other mid-cap tokens among the top 100 coins by market capitalization.
Over the past week the PUMP price is down roughly 25%, while heightened selling pushed trading volume up about 24% to more than $598 million.
Dogwifhat (WIF), a memecoin native to the Solana ecosystem, also suffered steep losses. WIF dropped to $0.8010, down around 11% in 24 hours, with trading volume surging about 102% to over $256 million amid the broader altcoin weakness.
Large whale sell-offs accelerated the decline; WIF remains roughly 83% below its all-time high of $4.85.
Pepe (PEPE), the Ethereum-based frog-themed memecoin, likewise slid further into bearish territory. PEPE consolidated near $0.0000097 after a roughly 10% drop over the prior day, while heavy selling lifted daily volume by about 133% to $889 million.
Outlook for memecoins
Does the recent market weakness signal more losses ahead as October approaches? Analysts suggest it could.
In the short term the memecoin rout reflects a broader contraction across crypto markets, with total cryptocurrency market capitalization retreating below $4 trillion as Bitcoin and Ethereum eased from recent highs.
Several factors are contributing to the risk-off mood, including macroeconomic pressures such as central bank policy, trade developments and inflation trends. Equities also gave back gains on Monday, which added to the risk-asset sell-off.
Key upcoming events that could influence the market include scheduled economic data releases later in the week and anticipated decisions on exchange-traded fund approvals in the coming weeks. Positive catalysts for Bitcoin—such as a renewed rally—would likely improve sentiment for memecoins, given crypto’s cyclical dynamics.
For now, memecoins remain vulnerable while broader market conditions stay uncertain, and additional volatility should be expected until clearer directional signals emerge for major cryptocurrencies.