MemeCore Slumps 3.53% Amid Sector-Wide FUD and Rotation
The price of MemeCore dropped by 3.53% over approximately 40 hours due to negative sector-wide sentiment towards meme coins. A high-profile article by Jason Calacanis labeled meme coins a 'giant scam' and specifically mentioned MemeCore, which likely accelerated derisking in the meme basket.
The market backdrop was broadly stable to slightly positive during this period, with total crypto market capitalization increasing by 4.6% over the last week. Several major altcoins such as NEAR, Avalanche, Sui, and others posted strong performance, while MemeCore lagged behind as one of the weakest large tokens.
Traders may have taken profits on MemeCore to chase other narratives, including Hyperliquid, Avalanche, infrastructure tokens, or AI stories that are currently gaining attention. The lack of project-specific negative news during this period suggests that the drawdown was driven by sentiment and rotation rather than a fundamental shock.