The memecoin market lost nearly 40% in a day before slightly rebounding, as top tokens like DOGE and SHIB remain deep in the red.
The memecoin sector’s market capitalization has fallen to levels last seen in July, as meme-based tokens struggle to recover from the losses incurred during the crypto market’s sharp crash on Friday.
CoinMarketCap data shows that on Oct. 11, the memecoin sector dropped to a low of $44 billion, a nearly 40% drop from $72 billion the previous day. On Oct. 12, the memecoin market posted a slight recovery to $53 billion, a level last seen in July before a Solana-based memecoin frenzy ignited the sector’s late-summer rally.
Over the last four months, the memecoin market cap has consistently remained above $60 billion, as meme-based tokens have maintained strong retail interest, fueled by Solana and BNB Chain. However, the recent plunge marked a shift in momentum.
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