Memecoins rewind to July levels as markets struggle to recover
The memecoin market lost almost 40% in a day before slightly rebounding, as top tokens like DOGE and SHIB remained deep in the red.
The memecoin sector’s market capitalization fell to levels last seen in July, as meme-based tokens struggled to recover from losses incurred during the crypto market’s sharp crash on Friday.
CoinMarketCap data showed that on Saturday, the memecoin sector dropped to a low of $44 billion, an almost 40% plunge from $72 billion the previous day. On Sunday, the memecoin market slightly recovered 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.
