Memecoins suffered steep losses following a drop in Bitcoin’s value, which triggered broader market declines. The memecoin market has experienced a major downturn, with Dogecoin (DOGE) and Shiba Inu (SHIB) among the top tokens hardest hit.
Data from CoinGecko shows that DOGE was down almost 4% in the last 24 hours while SHIB fell by a similar percentage.