Leading memecoins have plunged, with market leaders PEPE and WIF dropping 15% and 25%, respectively, in the past seven days.
After a stellar run in May, top memecoins have posted substantial losses over the last week.
DOGE, SHIB, and PEPE are all down more than 10% in the last 7 days, and WIF has plummeted 26% on the week. Despite being some of the strongest performers of 2024, the recent market volatility has hit the sector especially hard.
Memecoins have been bleeding since the beginning of June, but the most recent market selloff sparked another harsh move to the downside. The move comes at a time when memecoins are facing more scrutiny than usual due to the influx of celebrity-backed tokens that have 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 top performers in the top 50 tokens by market cap.
Meanwhile, WIF, the leading memecoin on Solana, is down 15% in the same timeframe, making it one of the weakest performers in the top 50.
