Memecoin market is experiencing sustained weakness and heightened volatility, with governance incidents amplifying losses for retail investors

"The market capitalization of major memecoins...hit a reported two-year low last week, falling to roughly $22 billion before recovering to more than $26 billion in July. Total memecoin market capitalization stood at about $25.3 billion at the time of publication, down more than 54% compared with the prior 12 months."