Major meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and dogwifhat (WIF), have experienced significant price drops recently. WIF, the largest meme coin on the Solana ecosystem, has seen a nearly 10% decrease in value, dropping to $1.90, a low not seen since early March. Despite this, WIF remains the fourth-largest meme coin, with a market capitalization just under $2 billion.

Other meme coins also underperformed, with the overall market cap of the sector falling below $50 billion. Despite these trends, many industry participants remain optimistic about a potential recovery. Some investors view the current low prices as a buying opportunity, predicting a potential rally towards a new all-time high in the $7-$10 range.

However, the recent downturn serves as a reminder of the risks involved in cryptocurrency investment. It is advised that investors conduct thorough due diligence before entering the market and only invest what they are prepared to lose.