Memecoin Sector Suffers Major Crash, Market Cap Plummets

The memecoin market experienced a significant downturn on Friday after the crypto market crash, with its total capitalization dropping to levels last seen in July. Following the losses incurred on Friday, CoinMarketCap data reveals that the memecoin sector’s market cap decreased from $72 billion to $44 billion on October 11th. While it slightly recovered to $53 billion on October 12th, this level only reaches levels last witnessed in July before a Solana-based memecoin frenzy propelled the sector’s late-summer rally. The recent plunge marks a shift in momentum for the market.