As the cryptocurrency market extends its downward trajectory, the memecoin sector has emerged as the hardest-hit category over the past 24 hours. According to data from SoSoValue, the overall Meme index plummeted by 5.01% in a single day. Leading the decline was MemeCore (M), which crashed by 29.56%, erasing significant gains from its previous strong performance period.
Despite the broad sector sell-off, a few meme tokens defied the trend. BUILDon (B) posted an 11.24% gain, while PIPPIN (PIPPIN) surged by an impressive 39.36%, highlighting the volatile and unpredictable nature of the memecoin market.
Bitcoin (BTC) demonstrated relative strength amidst the market weakness. The BTC price rose by 1.13%, successfully reclaiming the psychologically important $70,000 threshold. In contrast, Ethereum (ETH), the market's second-largest asset, declined by 1.67% but managed to hold above the $2,000 support level.
The market downturn is reflected in broader sector indices. The PayFi category fell 0.82%, though Telcoin (TEL) within it gained 1.82%. The DeFi sector declined 0.85%, while Hyperliquid (HYPE) rose 3.26%. The CeFi category dropped 0.94%, with Aster (ASTER) gaining 8.19%. Layer 1 projects fell 1.87%, though Kaspa (KAS) rose 6.03%. The Layer 2 sector experienced a 1.91% decrease, with Stacks (STX) losing 3.20% of its value.
The data suggests that while general selling pressure persists across the market, Bitcoin and select altcoins are showing signs of resilience. This comes amid a backdrop of waning retail interest, as Google search interest for 'crypto' has plunged to near one-year lows, correlating with Bitcoin's price drop from approximately $81,500 to $60,000. The overall trading volume has significantly contracted from $153 billion to roughly $87.5 billion, indicating heightened fear and uncertainty among investors.
Market sentiment remains fragile, with the Crypto Fear & Greed Index hitting extreme fear levels. André Dragosch, Head of Europe at Bitwise, noted a pattern where "retail investors reenter based on search spike (Bitcoin-specific)." The current environment presents challenges for sustaining investor confidence, though historical data suggests search interest often aligns with price trends, potentially indicating future rebounds in market engagement.
