- The GMCI index for memecoins shows the sector dropped 8.87% in the past 24 hours
- The top three memecoins by weight – Dogecoin, Shiba Inu, and Pepe – fell 9.23%, 2.36%, and 13.87% respectively
- Memecoins tend to get hit hard whenever there is a market downturn, according to Adam Cochran, General Partner at CEHV
The broader crypto market downturn has not left memecoins unscathed. The Block’s GMCI index for memecoins shows the sector dropped 8.87% in the past 24 hours as of publication time.
Top memecoins see double-digit losses
The top three assets by weight – Dogecoin, Shiba Inu and Pepe – fell 9.23%, 2.36% and 13.87% respectively.
Solana memecoins were walloped as well. Their market capitalization dropped 16% within a day. The Block previously reported.
Expert analysis on memecoin performance
“Memecoins tend to get hit hard whenever there’s a market downturn,” says the general partner at the venture Cinneamhain Ventures (CEHV).
“We’re starting to flush out memes. The graduation rate of coins on Pump.Fun (those that made it to $69,000 and got listed on a DEX) is stagnant around 14%,” wrote Adam Cochran on the social media platform X, adding that at the same time, “no new entrants have really cracked the $20 million fully diluted valuation (FDV) level and memes continue to get hammered the hardest on any slight volatility. This all suggests we’re finally rinsing out the meme cycle.”
Leading memecoin prices
Dogecoin, the top memecoin by market capitalization, traded at $0.094 as of 5:00 pm ET (21:00 UTC) on Aug. 5, according to The Block Prices.
