Pump.fun’s flagship coin PUMP dropped nearly 10% in a single day, dragging down related tokens such as TROLL and Aura, which shed double digits. The broader ecosystem’s market cap slid below $3.9 billion, though PUMP itself remains more than 140% higher than it was a month ago and only narrowly off its all-time peak from mid-September.

Prediction markets signaled the mood shift before prices caught up. On the platform Myriad, sentiment flipped overnight: bets on PUMP hitting a $4 billion market cap gave way to a majority predicting a fall closer to $2 billion.

Major meme names followed the retreat. Dogecoin, PEPE, BONK, PUDGY, and even newcomers like CHILLGUY all bled value, trimming the total meme sector to about $87 billion — a loss of nearly 5% in just 24 hours.

Broader Market Moves

The pullback in memes contrasted with relative calm across large-cap assets. Bitcoin eased just under 1% to $116,263, while Ethereum dipped 1.3% to $4,521, weighed down by lingering questions over staking yields. Compared to meme tokens, the majors showed resilience, suggesting capital may be rotating into safer bets.

Bright Spots in Gaming and ETFs

Elsewhere, pockets of the market surged. Immutable’s IMX token climbed 17% on Thursday and nearly 50% over the past week, lifted by the Federal Reserve’s rate cut and partnerships with Ubisoft and NetMarble. Analysts also credited optimism around the SEC’s approval of new listing standards for crypto ETPs, which could open the door for more altcoin-focused funds.

Meme culture did grab one victory: the rollout of the first DOGE ETF, which stunned analysts with nearly $6 million in opening-day volume. Bloomberg’s Eric Balchunas called the debut “shockingly solid,” noting most new ETFs rarely break the $1 million mark on day one.

Outlook

The week underscored a shift in crypto markets: speculative meme assets are cooling, but other sectors — from gaming tokens to ETF-linked altcoins — are finding fresh traction. Traders now face a choice between doubling down on volatile meme plays or reallocating toward assets with stronger institutional catalysts.

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