The memecoin market witnessed a dramatic decline, with its market capitalization plummeting from $72 billion to $44 billion in just one day, marking a nearly 40% drop. This sharp sell-off was followed by a partial recovery, bringing the market cap back to $57 billion. Leading memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) suffered significant weekly losses, ranging from 13% to 22%, as reported by CoinMarketCap and CoinGecko.