Meme Coins and NFTs Both Drop to Yearly Lows as Traders Abandon Speculative Assets

November 21st. Today, the meme coin market has plunged to its lowest valuation since 2025. The total market cap has dropped to $39.4 billion, with over $5 billion evaporating in the past 24 hours. This represents a decrease of about 66.2% from the historical high of $116.7 billion set on January 5th. Top meme tokens across the board have witnessed a sharp decline. In the past 1 hour, 24 hours, and 7 days, the top ten meme coins have all shown declines. DOGE and SHIB have recorded double-digit losses, while TRUMP has experienced the smallest drop but still fallen by 11.65%. The total market cap of NFTs today has dropped to $2.78 billion, which is a 43% decrease from $4.9 billion 30 days ago. It has hit the lowest point since April. Over the past 30 days, most of the top ten NFT collections have seen double-digit declines. The Hyperliquid Hypurr NFT series has experienced the largest drop of 41.1%. Additionally, Moonbirds has fallen by 32.7%, CryptoPunks by 27.1%, and Pudgy Penguins by around 26.6%. Meanwhile, the entire crypto market cap has fallen from $3.77 trillion on November 1st to $2.96 trillion, with $800 billion evaporating in three weeks.