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Memecoin Leaders PEPE and WIF See Sharp Declines: Market Update
#Memecoins #Memecoin #PEPE #WIF $WIF $PEPE

Leading memecoins have faced notable declines, with PEPE and WIF dropping 15% and 25%, respectively, in the past seven days.

After a strong performance throughout May, top memecoins have suffered substantial losses in the past week.

DOGE, SHIB, and PEPE have all seen declines exceeding 10% over the last seven days, while WIF has plummeted by 26% during the same period. Despite their standout performances earlier in 2024, the recent market volatility has dealt a severe blow to the sector.

Memecoins have been on a downward trend since the start of June, exacerbated by a recent market selloff. This decline coincides with increased scrutiny on memecoins, particularly those backed by celebrities, which have launched on Solana in the past month.

Volatility is inherent in memecoins, and although PEPE remains up by 12% over the last 30 days, it has been affected by the recent downturn.

Conversely, WIF, the leading memecoin on Solana, has experienced a 15% decline in the same period, positioning it among the weakest performers in the top 50 tokens by market cap.