Memecoins, a category of cryptocurrencies known for their humorous or viral nature, have experienced a significant decline in value, dropping by over 10% in the wake of broader weakness in the cryptocurrency market. Major memecoins, including Dogecoin (DOGE), have shed a substantial portion of their value. BONK and WIF have witnessed declines of 11%, while AI16Z has plummeted by 15%. FLOKI, BRETT, and GIGA have also registered double-digit losses. Notably, Shiba Inu (SHIB), a memecoin ranked among the top 250 by market capitalization, has managed to buck the trend and post gains. The sell-off in the crypto market has been attributed to rising Treasury yields, which have weighed on broader risk assets. The broader cryptocurrency market has been facing headwinds, with major cryptocurrencies such as Bitcoin and Ethereum also experiencing losses.

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