The memecoin market has experienced a significant drop in value, following Friday’s widespread crypto market crash. CoinMarketCap data reveals that the sector’s market capitalization plummeted to $44 billion on Saturday, marking an almost 40% decrease from the previous day’s peak of $72 billion. Despite slight recovery by Sunday, the market still remained around $53 billion, a level reminiscent of July’s performance before a Solana-based memecoin surge drove a late summer rally. This downturn marks a shift in momentum after months of strong retail interest propelled the sector past $60 billion. While current market cap stands at $57 billion, it’s significantly lower than recent highs.