Despite having an early lead in year-to-date gains, meme coins have round-tripped and bled even more. 

For example, frog-based token pepe was up 75% in the first four days of January, but is now about 8% lower than where it started the year. Dogecoin, shiba inu, bonk, pengu, dogwifhat, and trump tell a similar story: posting a positive gain and then slumping into the red. 

Meme coins, cryptocurrencies based on internet jokes that are often critiqued for lacking utility, are reflexive: they can lead gains during bullish market conditions, but see sharper declines in bearish…