The meme coin market has experienced significant losses due to the recent crypto market downturn, with Dogecoin (CRYPTO:DOGE), Shiba Inu (CRYPTO:SHIB), and Bonk (CRYPTO:BONK) all suffering declines of 12%, 15%, and 18% respectively.
The overall meme coin index has dropped nearly 20%, underperforming the broader crypto market.
This decline is attributed to bearish sentiment, macroeconomic uncertainties, and potential interest rate hikes impacting the speculative sector.
Additionally, new meme coins like Jason Derulo's $JASON and incidents like 50 Cent’s Twitter hack further highlight the volatility and risk in this market.
Despite some short-term gains, the long-term viability of many meme coins remains uncertain amidst ongoing market challenges.