POPCAT, MEW, PNUT plunge over 95%, erase billion-dollar market caps

Solana meme coins from the last bull run have retraced hard. POPCAT, MEW, and PNUT have dropped 95–98% since November 2024.

During the Solana meme coin season, caps jumped from tens of millions to over $1 billion within months. That frenzy ended with a broad deleveraging that erased most gains. Data points to a sharp contraction in the memecoin attention trade.

• POPCAT: Rallied from under $1 million to over $2 billion in under a year. Became the first cat-themed coin to trade above $1, per prior coverage here. Peaked near $2.05, then fell over 97% to ~$0.05, putting market cap below $50 million. One of the steepest drawdowns among top meme coins tracked by NewsBTC.
• MEW (Cats in a Dogs World): Entered “fully formed,” debuting above $100 million market cap, drawing “cabal coin” claims in sector commentary. Topped just over $1.2 billion, then slid more than 95% since November 2024 to roughly $50 million.
• PNUT (Peanut The Squirrel): Launched after a viral incident in 2024. Secured rapid listings with support noted in coverage of exchange activity here. Crossed $1 billion market cap in under one month, then fell over 98% since November 2024 to ~$40 million, according to CoinGecko.

Solana’s meme coin wave lifted caps fast, then reversed even faster as the bear phase took hold. Context on the cycle and the ensuing deleveraging shows the scale of the unwind on retail-heavy tokens built on Solana.