Main memecoins have plunged, with market leaders PEPE and WIF dropping 15% and 25%, respectively, up to now seven days.
After a stellar run in Might, prime memecoins have posted substantial losses over the past week.
DOGE, SHIB, and PEPE are all down greater than 10% within the final 7 days, and WIF has plummeted 26% on the week. Regardless of being among the strongest performers of 2024, the latest market volatility has hit the sector particularly laborious.
Memecoins have been bleeding because the starting of June, however the latest market selloff sparked one other harsh transfer to the draw back. The transfer comes at a time when memecoins are dealing with extra scrutiny than typical as a result of inflow of celebrity-backed tokens which have launched on Solana over the past month.
Excessive volatility in memecoins is predicted, and PEPE continues to be up 12% over the past 30 days and stays one of many prime performers within the prime 50 tokens by market cap.
In the meantime, WIF, the main memecoin on Solana, is down 15% in the identical timeframe, making it one of many weakest performers within the prime 50.