The memecoin market has experienced a significant downturn in 2024, with major tokens such as Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Dogwifhat (WIF) suffering considerable losses.
Data from Lookonchain indicates that these top memecoins have dropped by an average of 63%. This substantial decline has led many investors to pivot away from these established tokens, turning their attention to newly launched projects.
Amid this market turmoil, newer projects like ChickKings are being viewed as potential opportunities for investors seeking gains in the otherwise struggling memecoin sector.