The meme coin party did not last long. After starting the year with eye-popping rallies, many of the biggest joke-inspired tokens have now given back all their 2026 gains and then some, sliding into negative territory as broader crypto weakness drags on.
What once looked like early-year momentum has turned into a full round trip.
From Moonshot to Meltdown
Pepe $PEPE was up roughly 75% in the first few days of January but is now trading below where it started the year. Dogecoin $DOGE ( ▼ 1.76% ) E, Shiba Inu $SHIB ( ▼ 2.46% ) , Bonk $BONK ( ▼ 1.74% ) , Pengu $PENGU ( ▼ 2.8% ) , Dogwifhat $WIF ( ▼ 0.61% ) , and Trump $TRUMP ( ▼ 0.48% ) have followed similar paths, briefly flashing gains before slipping into the red.
As a group, meme coins have lost about a quarter of their total value so far this year, according to blockchain analytics data.
Why Meme Coins Fall Harder
Meme tokens are famously reflexive. They tend to outperform when risk appetite is strong and traders are chasing quick upside. But when sentiment sours, they often drop faster than larger, more established cryptocurrencies.
The recent pullback in Bitcoin and other major tokens has amplified that dynamic. With fewer active wallets and less speculative capital sloshing around, traders appear to be rotating away from high-risk meme plays in search of the next hot narrative.
In a market driven as much by attention as fundamentals, meme coins can soar on vibes alone. But when those vibes fade, the slide can be just as dramatic.