Reported by The Block: The GMCI index for memecoins shows the sector dropped 8.87% in the past 24 hours.
Memecoin tends to get hit hard whenever there’s a market downturn, says CEHV General Partner Adam Cochran.
The broader crypto market downturn has not left memecoins unscathed.
The Block's GMCI index for memecoins shows the sector dropped 8.87% in the past 24 hours as of publication time. The top three assets by weight — Dogecoin, Shiba Inu and Pepe — fell 9.23%, 2.36% and 13.87%, respectively.
Solana memecoins were walloped as well. Their market capitalization dropped 16% within a day, The Block previously reported.
Memecoins tend to get hit hard whenever there's a market downturn, says the general partner at the venture Cinneamhain Ventures (CEHV).
"We're starting to flush out memes. The 'graduation rate' of coins on Pump Fun (those that made it to $69,000 and got listed on a DEX) is stagnant around 1.4%," wrote Adam Cochran on the social media platform X, adding that "at the same time, no new entrants have really cracked the $20 million fully diluted valuation (FDV) level, and memes continue to get hammered the hardest on any slight volatility. This all suggests we're finally rinsing out the meme cycle."
Dogecoin, the top memecoin by market capitalization, traded at $0.094 as of 5:00 p.m. ET (21:00 UTC) on Aug. 5, according to The Block Prices.
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