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 Could, high memecoins have posted substantial losses during the last 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 a number of the strongest performers of 2024, the latest market volatility has hit the sector particularly onerous.
Memecoins have been bleeding for the reason that 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 going through extra scrutiny than typical as a result of inflow of celebrity-backed tokens which have launched on Solana during the last month.
Excessive volatility in memecoins is anticipated, and PEPE continues to be up 12% during the last 30 days and stays one of many high performers within the high 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 high 50.
