The memecoin market has suffered a dramatic downturn, plummeting nearly 66% from its 2025 peak, resulting in a loss of over $5 billion in market capitalization within the last 24 hours. Leading the decline are popular tokens such as PEPE, DOGE, SHIB, and FLOKI. This sharp sell-off is driven by panic selling, low liquidity, and a broader market shift towards risk aversion. Analysts caution that the memecoin bubble may have reached a critical juncture, as many of these tokens lack strong fundamentals or practical use cases. The current market conditions highlight the volatility and speculative nature of memecoins, raising concerns about their long-term viability.