Mati Greenspan suggests the memecoin market is crashing because the joke is over, while Charles Edwards points to memecoins suffering heavier losses than Bitcoin during sharp downturns.
“Pretty fitting that the top came in on April Fool’s day,” he added. “There is too much value on memecoins, it’s gotta end at some point, it can’t keep going forever.”The leading Solana-based meme token by total value — dogwifhat — saw a 9% market cap decline on the day, amounting to a loss of $3.9 billion. Notably,
Base's total market cap dropped 19% over 24 hours to $1.47 billion. The native token of a new Layer 3 network dubbed “Degen” on Base, suffered the most, witnessing a 26.14% drop in market cap to $436.5 million. “Bitcoin retracement is minuscule at the moment, memecoins are getting slaughtered,” Greenspan added.