- The previous day saw an 8.87% decline in the industry, according to the memecoin GMCI index.
- According to Adam Cochran, general partner at CEHV, memecoin is typically severely impacted during market downturns.
Memecoins have not escaped the wider decline in the cryptocurrency market.
The memecoin market has fallen 8.87% in the previous day. Dogecoin, Shiba Inu, and Pepe, dropped 9.23%, 2.36%, and 13.87%, respectively.
Memcoins from Solana were also severely damaged. Within a day, their market capitalization fell by sixteen percent.
According to the general partner of venture capital firm Cinneamhain Ventures (CEHV), memecoins typically take a serious impact during market downturns.
Memes are beginning to emerge. According to Adam Cochran on social media platform X, the ‘graduation rate’ of coins on Pump Fun (those that reached $69,000 and were listed on a DEX) is stable at 1.4%. He also noted that no new players have really succeeded in breaking through the $20 million fully diluted valuation (FDV) barrier, and memes continue to suffer the most from even the slightest volatility. All of this shows that the meme loop is finally being broken.
As of 5:00 PM on August 5, Dogecoin, the most valuable memecoin by market capitalization, was trading at $0.094.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
