In the last 24 hours, significant declines have been observed in memecoins. With Bitcoin (BTC) 
$0.000034 falling below the $96,000 mark, the overall decrease in the cryptocurrency market has also impacted these popular coins. Leading memecoins such as Dogecoin 
$0.00000005238704 (DOGE) and Shiba Inu (SHIB) have experienced considerable losses on a weekly basis.
Popular Memecoins Suffer Major Losses
The negative sentiment in the cryptocurrency market has heavily affected memecoins. Coins like WIF, FARTCOIN, PEPE, and PENGU have lost double-digit values in the last 24 hours. This decline in the overall market value of memecoins is linked to investors shifting their interest from speculative projects to Bitcoin and other robust assets.
Cryptocurrency analysis platform Santiment reported a decrease in social media discussions surrounding prominent memecoins such as Dogecoin, Shiba Inu, and PEPE. This trend indicates a decline in investor interest. According to the platform, the movement of investors toward projects with stronger fundamentals like Bitcoin could lead to a more balanced market ecosystem.
Memecoins Inflated by Celebrity Interest Face Collapse
Recently launched memecoins associated with celebrities have also suffered sharp declines. For instance, MOTHER, linked to pop star Iggy Azalea, and DADDY, supported by Andrew Tate, saw a rapid loss in value after initially garnering significant investor interest.
Launched in May 2024, MOTHER coin reached a market value of $130 million in its first week but is now valued at less than $8 million. Likewise, DADDY initially surpassed a market value of $100 million but is now hovering around $20 million.
Coins like TRUMP and MELANIA, related to Donald and Melania Trump, experienced brief surges. Last month, TRUMP reached a market value of $14.5 billion, becoming the second largest memecoin; however, this increase was short-lived as coin values quickly plummeted.
Experts urge caution for investors considering memecoins marketed with celebrity endorsements. They highlight that these coins possess high volatility and unpredictable price movements.
