Recently, the memecoin market has performed poorly, with its market value falling for several consecutive days. According to CoinMarketCap, the total market value of memecoin has dropped by 21.5% in the past 10 days, from $54.7 billion on July 22 to only $42.91 billion on August 2. At the same time, the total daily trading volume of memecoin has also dropped by 21%.

Among them, Mog Coin (MOG) has seen the largest drop in market value, with a 12% drop in the past 24 hours. It is followed by Book of Meme ($BOME ), which has fallen by 9%, and WIF, which has fallen by 6%. The largest memecoin in the market, $DOGE , also fell by 2.5% to $0.1131 on the day, with a market value of $16.43 billion, accounting for nearly 62% of the total memecoin market share. $SHIB also performed poorly, with a price drop of 2.13% on the day and a market value of $8.86 billion, firmly ranking as the second largest memecoin.

Overall, the weakness in the overall structure of the altcoin market has affected the performance of memecoin. According to data from Cointelegraph Markets Pro and TradingView, the total altcoin market capitalization (TOTAL2) fell from a high of $1.031 trillion on July 22 to a low of $942 billion on August 2, a drop of 13%. The RSI during this period also fell from 51 to 35, indicating that market conditions are more inclined to the downside.

In addition, memecoin's trading volume has been decreasing since the beginning of March. It fell sharply from a high of $998.55 million in March to $138.25 million in the week ending July 14. Although it recovered to $246.5 million between July 15 and July 21, it fell again by 28.8% in the following week and is currently $175.3 million. Coupled with the fact that about 99% of the memecoin on Pump.fun could not be successfully launched, the bearish sentiment in the market was further exacerbated.