In a significant 24-hour period, memecoin market caps on both Solana (CRYPTO:SOL) and Coinbase's Ethereum layer-2, Base, witnessed sharp declines of 12% and 19% respectively, indicating a broader trend of volatility within the meme-themed cryptocurrency space.

This sell-off coincided with a notable dip in Bitcoin (CRYPTO:BTC) by 4.94%, shedding light on the fragile nature of memecoins during broader market contractions.

Analysts like Mati Greenspan attribute the downturn to the waning humor that once fueled the memecoin craze, suggesting a market correction was inevitable.

The leading memecoin on Solana, dogwifhat (CRYPTO:WIF), saw its market cap shrink by 9%, emphasising the dramatic fluctuations these assets can undergo.

As the crypto community navigates this turbulence, the future of memecoins hangs in the balance, with some experts suggesting that their high beta relationship with Bitcoin could lead to even more pronounced swings in value.