The memecoin market has experienced a tumultuous period, suffering substantial losses due to recent market downturns. As analysts warn in the report, with a staggering decline in valuation, the sector is grappling with the aftermath of these crashes.
Memecoin Sector Valuation Plummets
According to data from CoinMarketCap, the memecoin sector saw its valuation plummet by nearly 40%, falling from $72 billion to $44 billion. This sharp decline has wiped out the gains that had been accumulated over the previous three months, leaving investors reeling.
Market Sentiment and Further Losses
The situation worsened on October 17, when fear sentiment swept through the markets, resulting in a staggering loss of nearly $230 billion in value within just one day. Although there have been some signs of recovery, the overall outlook for the memecoin sector remains uncertain as it continues to navigate the volatile landscape.
As the memecoin market faces significant challenges, SUI's price is currently showing signs of recovery after a recent downturn. For more details, see the full article here.
