Solana-based memecoins Popcat and Dogwifhat led memecoin losses in the last seven days amid a wider sell-off in the crypto market.
Now, traders are bracing themselves for more pain this month before a potential recovery in October.
Popcat (POPCAT) pared the largest losses among the top 10 memecoins by market cap, plummeting 27.7% from a value of $0.75 on Aug. 26 to a price of $0.56 at the time of publication, per CoinGecko data.
Dogwifhat (WIF) followed in a close second, posting losses of 26.6% on the week after falling from $1.90 on Aug. 26 to $1.41.
The top 10 memecoins by market cap posted double-digit losses on the week. Source: CoinGecko
Most memecoins have posted significant losses over the last seven days, amid a wider sell-off that has also seen major crypto assets including Bitcoin (BTC) and Ether (ETH) slide 10.5% and 11.3% respectively.
Despite prices having already plummeted significantly in the last seven days, traders are preparing for more pain in the coming weeks.
“Well the summer really sucked hard, but luckily it’s over now and o-oh… literally the worst month of the year is ahead of us,” said pseudonymous market commentator Byzantine General in a Sept. 1 post to X.
Related: Ditch the memecoins — They won’t motivate the next bull run
Historically, September has been the worst month for the crypto market with an average monthly return of -4.64% for Bitcoin in the 11 years since 2013.
November is typically the best-performing month for crypto assets. Source: CoinGlass.
However, October and November are typically the strongest months for crypto market performance, with Bitcoin posting average gains of 22.9% and 46.81% respectively across the two months.
Crypto trader Awawat told his 109,000 followers on X he was bracing for more bearish sentiment in the short term, with a major recovery unlikely until October.
“As Kamala and Donald continue to fight around the 50% imaginary line on Polymarket, the battle for 60k Bitcoin will rage on, while the alt season continues (inverse),” said Awawat, referring to the bloodbath of price action for altcoins in recent months.
“Expect minor bursts of volatility courtesy of the US Bureau of Labor Statistics, and then Jerome. 4 promises better days, but for now we must survive,” he added.
Magazine: ‘Everything feels like it’s going to shit’ — Peter McCormack reveals new podcast