📉 Memecoins like Dogecoin, Shiba Inu, and Pepe are having a "ruff" day, underperforming the market with an 11% drop in total market cap. 🐶💔 The daily trading volume has surged 79%, indicating a sell-off frenzy. Dogwifhat, Book of Meme, and Brett are leading the pack with losses of 14.55%, 14.3%, and 13% respectively.

Why the sudden crash? 🤔 Weakening market structure and declining trading volume are the main culprits. The total market cap of all cryptos excluding Bitcoin and Ethereum has decreased by 19% since June 5, indicating a bearish trend.

Furthermore, memecoin transactions have dropped by a whopping 97% since March, suggesting a decline in trader interest.

So, what's next for our furry friends? If the total market cap fails to rise above $600 billion, we might see more dumping in the coming days. 📉😬

What do you think? Is it time to sell or hold on for dear life? Let us know in the comments! 👇