Leading memecoins fell sharply Tuesday in response to the broader cryptocurrency market decline.

What happened: Solana SOL/USD-based dogwifhat led the decline, dropping more than 13% in the last 24 hours. The dog-themed coin's trading volume rose 18% to $428 million in the last 24 hours.

Ethereum ETH/USD-based Pepe was also among the biggest memecoin losers, shedding over 10% of its value in the last 24 hours. Trading volume for the frog-themed token surged 18% to $750 million.

Cryptocurrency Gains +/- Price (Recorded at 11:05 p.m. EDT) dogwifhat WIF/USD -13.38% $1.55 Pepe PEPE/USD -10.51% $0.000007676 Bonk BONK/USD -9.22% $0.00001793

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Another popular $1 billion capitalization memecoin, Bonk, recorded losses of 9.22%.

Blue-chip coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also got hit, dropping 5.94% and 6.05% in the last 24 hours.

Defying the decline, Popcat POPCAT/USD rose 3.89% in the last 24 hours. Note that the cat-themed cryptocurrency was the meme sector’s best performer this year, returning a whopping 8813% year-to-date.

The overall memecoin market capitalization shrank to $38 billion, representing a 24-hour decline of 6.2%.

Why It Matters: The memecoin meltdown was part of the broader market plunge that saw Bitcoin BTC/USD and Ethereum ETH/USD plummet steeply Tuesday evening.

The total cryptocurrency liquidations exceeded $319 million in the last 24 hours, according to Coinglass, with long liquidations accounting for 89% of the total.

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