Both memecoins and NFTs have plunged to their weakest levels since early 2025, with traders pulling back from speculative assets across the board. Memecoins plunged to their lowest valuation in 2025 on Friday, dropping to a combined market capitalization of $39.4 billion, according to data aggregator CoinMarketCap. The sector shed over $5 billion in 24 hours, declining from $44 billion despite a 40% increase in trading volume. This marks a big reversal from the year’s peak on Jan. 5, when the memecoin market cap collectively hit a high of $116.7 billion. Friday’s rout marks a 66.2% drawdown from the 2025 high. The sharp sell-off mirrors a broader decline across the digital asset market. CoinGecko data shows that the total crypto market cap fell from $3.77 trillion on Nov. 1 to $2.96 trillion on Friday, wiping out $800 billion in just three weeks. Read more
Binance CEO Richard Teng argued that Bitcoin’s current slide reflects broader risk-off deleveraging, and its volatility is in line with most major asset classes. Richard Teng, the CEO of crypto exchange Binance, reportedly said Bitcoin’s volatility aligns with that seen in most major asset classes. According to a Friday Reuters report, Teng said during a media roundtable in Sydney that all asset classes go through different cycles and volatility. “What you’re seeing is not only happening to crypto prices,” he claimed. Teng also explained that Bitcoin’s recent drop was driven by investors deleveraging their positions and by risk aversion, which is in line with trends across most major asset classes. “At this point in time, there’s a bit of risk (off) and deleveraging happening,” he reportedly said. Read more