Memecoins like Dogecoin, Shiba Inu, and Pepe are underperforming in the market, with the total market cap of memecoins dropping 11% to $45.31 billion. The daily trading volume has surged 79% to $6.25 billion, indicating strong sell-side pressure. Dogwifhat, Book of Meme, and Brett have seen the most significant declines among memecoins. The weakening market structure, declining memecoin trading volume, and massive crypto liquidations have contributed to the crash. Over 160,000 traders were liquidated in the last 24 hours, with the largest single liquidation involving an ETH/USDC trade worth $6.44 million on Binance.