Bitcoin Falls 39% as Meme Coins Lose Up to 99%

Bitcoin and Dogecoin Lead a Wider Crypto Market Decline

The figures shared by Charlie Bilello, Chief Market Strategist at Creative Planning, provide a clear picture of how differently major assets have performed.

His November 1 comparison places Bitcoin 39% below its all-time high, Ethereum (ETH) 55% below its peak and Dogecoin 90% below its record.

The meme coin losses become even more severe further down the list:

These figures are attributed to Bilello's market comparison, rather than independently calculated returns for every token.

Bitcoin operates on its own Bitcoin blockchain, while Dogecoin operates on the Dogecoin blockchain. BTC and DOGE are their respective native asset tickers. Although both use proof-of-work consensus, they are separate networks with different monetary designs and market histories.

The distinction matters because a decline in Bitcoin does not automatically explain the performance of Dogecoin or other meme coins.

In my view, the most striking figure is Dogecoin's 90% decline. A coin that once attracted substantial retail attention can lose most of its market value when speculative demand fades.

Fartcoin, Official Trump and Official Melania show how much deeper the losses can become in highly speculative segments.

Why Is the S&P 500 Performing Better Than Crypto?

The comparison becomes more interesting when traditional financial markets enter the picture.

The S&P 500 was approximately 3% below its record, according to the November 2 market comparison. Its latest record close was established on October 6, 2026, at 7,818.93 points.

Historical market data also shows that the index subsequently moved lower, closing at 7,580.07 on October 30. That represented a decline of approximately 3.1% from its October 6 closing record.

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The Nasdaq Composite was approximately 8% below its record, while the Dow Jones Industrial Average was around 4% below its August peak, according to the reported comparison.

This creates a noticeable difference between the broader equity market and digital assets.

However, I would not interpret this gap as proof that stocks are automatically safer or that cryptocurrencies have lost their long-term potential.

The S&P 500 represents a diversified basket of major US-listed companies. Bitcoin is a single digital asset, while meme coins are generally much more dependent on speculative demand, community activity and market sentiment.

These assets carry different risks, and comparing their percentage declines does not make them equivalent investments.

What Do These Losses Mean for Crypto Investors?

The biggest lesson is the mathematics of recovering from a major drawdown.

A 39% decline in Bitcoin requires approximately a 64% gain to return to its previous high.

For Dogecoin, a 90% decline requires a 900% gain just to recover its previous peak.

The situation becomes considerably more difficult for tokens that have lost 99% of their value. Such an asset would need to rise approximately 9,900% to regain its previous price.

This is something investors should not overlook when evaluating meme coins.

A token falling 90% does not automatically mean it is undervalued. Its price may continue falling if liquidity disappears, holders lose interest or demand fails to return.

Similarly, a token's previous all-time high does not guarantee that it will reach that level again.

From my perspective, investors should pay more attention to liquidity, market depth, token distribution and actual demand than to the percentage discount from an old price record.

What Does This Mean for Bitcoin and Meme Coin Holders?

For Bitcoin holders, the current drawdown represents a significant correction from the previous market peak. However, Bitcoin's historical market cycles show that large corrections are not unusual.

For meme coin holders, the situation is more complicated. Tokens with limited liquidity and weaker demand can struggle to recover even when broader crypto market conditions improve.

I believe investors should avoid treating every major price decline as a buying opportunity. A lower price is not necessarily a better valuation.

The S&P 500's relative strength also highlights an important point: capital does not always move together across financial markets. Investors can remain active in equities while reducing exposure to speculative cryptocurrencies.

That does not establish why individual investors are making those decisions, but it demonstrates the difference in market performance.

Three Key Takeaways

1. Bitcoin remains under pressure: BTC is approximately 39% below its previous all-time high in Bilello's comparison.

2. Meme coins face deeper losses: Dogecoin is down 90%, while Official Melania is down approximately 99%.

3. Traditional equities are holding up better: The S&P 500 remains approximately 3% below its October record.

What Happens Next?

The next important development will be whether Bitcoin can regain momentum and support a broader recovery across digital assets.

Meme coins may experience sharper price movements if speculative interest returns. However, that possibility should not be confused with evidence of an approaching recovery.

The S&P 500 also deserves attention. Its relative strength does not guarantee continued gains, particularly if economic conditions or corporate earnings weaken.

For now, I see this comparison as a reminder that investors need to understand the risks attached to each asset rather than simply chasing the biggest potential returns.

Bitcoin's 39% decline is significant, but the 90%–99% losses across several meme coins show just how expensive speculative investing can become.