The meme coin frenzy that made headlines just ten days ago has deflated, as speculative frenzies often do.
Data from CryptoSlate shows the total market cap of meme coins has plummeted by 21% to $45 billion amid aggressive profit-taking.
Some of the biggest losers have been projects like Myro (MYRO), Coq Inu (COQ), and Floki (FLOKI), which are all down over 30%.
Even the sector’s heavyweights haven’t been spared – Dogecoin (DOGE) and Shiba Inu (SHIB) have both declined over 20% in the past week.
The brutal selloff highlights how quickly sentiment can turn in the meme coin space, where hype often overshadows fundamentals.
However, despite the overall trend, a few safe havens have emerged.
For example, dogwifhat (WIF) has defied the bearish momentum, rallying 6% over the same period.