**Crypto Market Sees Sharp Decline in Memecoins**

The memecoin market took a hit on August 2nd, with popular tokens like Dogecoin (DOGE), Shiba Inu (SHIB), and Dogwifhat (WIF) experiencing significant drops. Data from CoinMarketCap reveals a 21.5% decline in total market capitalization for memecoins over the past 10 days, plummeting from $54.70 billion on July 22 to $42.91 billion.

- **DOGE**: Down 2.5%, now priced at $0.1131 with a market cap of $16.43 billion.

- **SHIB**: Fell 2.13%, reducing its market cap to $8.86 billion.

The overall cryptocurrency market, excluding Bitcoin, has also seen a downturn, with TOTAL2 dropping 13% since July 22. This has led to a decrease in trading volumes and a bearish sentiment in the memecoin sector. Traders are advised to stay cautious as the market continues to correct.