The meme coin market is facing a significant downturn, with major cryptocurrencies like Dogecoin (DOGE) and Shiba Inu (SHIB) experiencing considerable declines. The total market capitalization of meme coins has fallen below $40 billion, reflecting a marked decrease in investor interest. Recent market volatility has led to a more than 12% drop in the meme coin market cap in just one day, although it has since recovered slightly to just above $40 billion with a 4.9% increase over the past 24 hours.

Data from Lookonchain, shared on X (formerly Twitter), shows that the top 10 meme coins have lost an average of 63.73% from their peak values over the past year. This includes Dogecoin, down by 57.93%, Shiba Inu by 70.86%, Pepe (PEPE) by 58.16%, and Dogwifhat (WIF) by 70.93%. Other meme-based cryptocurrencies, such as Bonk (BONK), Floki (FLOKI), Brett, Popcat, Book of Meme (BOME), and Cat In a Dogs World (MEW), have also seen substantial price drops.

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