Memecoin Market Plummets, Losing $5 Billion in a Single Day

The memecoin market experienced a significant decline on Friday, dropping its value to a year-low of $39.4 billion. This loss occurred within a 24-hour period, where traders fled speculative assets as the broader cryptocurrency market witnessed a downward trend. The market drop comes amidst increased losses across major memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Experts attribute this volatility to wider crypto market downturns and decreased risk appetite.