A wave of selling has swept through meme coins like WIF, SHIB, POPCAT, and MOG, shaking the crypto market. The selloff is fueled by a confluence of factors including macroeconomic shifts, investor rebalancing, and a general summer-market trend, according to recent reports. 2023’s early momentum for meme coins has waned as investors anticipate a less profitable summer and contend with rising regulatory uncertainty. The sudden downturn comes on the heels of a period of strong institutional support for major cryptocurrencies like Bitcoin in May. However, this shift in market sentiment towards riskier digital assets is evident as investors brace for volatile periods tied to regulatory developments. 2023’s early momentum for meme coins has waned as investors anticipate a less profitable summer. The rebalancing of portfolios and the shifting economic landscape have further added to the sell-off pressure.