Mati Greenspan suggests the memecoin market is crashing because the joke is over, while Charles Edwards points to memecoins suffering heavier losses than Bitcoin during sharp downturns.
The total market capitalizations of memecoins on Solana and Coinbase's Ethereum layer-2 Base have witnessed a significant drop in the last 24 hours, plunging 12% and 19% respectively across the two networks.
The memecoin sell-off arrived around the same time as a sharp decline in the price of Bitcoin (BTC), with the cryptocurrency falling 4.94% in the last 24 hours, per CoinMarketCap data.
One crypto analyst said it’s common for memecoins to plummet when the price of BTC falters, however, another analyst linked the bearish trend to the humor simply running its course.
