Memecoins
Memecoins are being decimated in a context of market recession
Major memecoins have plummeted, with market leaders PEPE and WIF falling 15% and 25% respectively over the past seven days.
After May’s stellar run, major memecoins have posted substantial losses over the past week.
DOGE, SHIB and PEPE have all fallen more than 10% in the last 7 days, while WIF has fallen 26% for the week. Despite these being some of the strongest performing stocks of 2024, recent market volatility has hit the sector particularly hard.
Memecoins have been bleeding since early June, but the latest market sell-off has triggered another harsh move lower. The move comes at a time when memecoins are facing more scrutiny than usual due to the influx of celebrity-backed tokens launched on Solana in the last month.
High volatility of memecoins is expected and PEPE is still up 12% over the last 30 days and remains one of the best performing tokens among the top 50 tokens by market capitalization.
Meanwhile, WIF, Solana’s main memecoin, dropped 15% over the same time frame, making it one of the weakest among the top 50.