Memecoins
Memecoins are decimated amid market downturn
Major memecoins have plunged, with market leaders PEPE and WIF falling 15% and 25% respectively over the past seven days.
After a stellar performance in May, major memecoins have posted substantial losses over the past week.
DOGE, SHIB, and PEPE are all down more than 10% over the past 7 days, and WIF is down 26% for the week. Although it is among the top performers of 2024, recent market volatility has hit the sector particularly hard.
Memecoins have been bleeding since early June, but the most recent market sell-off has sparked another strong downtrend. The move comes at a time when memecoins are facing more scrutiny than usual due to the influx of celebrity-backed tokens which were launched on Solana over the last month.
High volatility in memecoins is expected, and PEPE is still up 12% over the last 30 days and remains one of the best performers among the top 50 tokens by market cap.
Meanwhile, WIF, the leading memecoin on Solana, is down 15% over the same period, making it one of the worst performers in the top 50.