Over the past 24 hours, the combined market capitalizations of memecoins on Solana and Coinbase's Ethereum layer-2 Base have seen notable declines, dropping by 12% and 19% respectively across both networks.

This sell-off coincided with a sharp decrease in the price of Bitcoin (BTC), which fell by 4.94% within the same timeframe, according to CoinMarketCap data. While one crypto analyst noted the typical correlation between BTC's price movement and memecoins' performance during downturns, another attributed the bearish trend to a waning sense of humor among investors.

Mati Greenspan, crypto analyst and founder of Quantum Economics, remarked that the meme coin frenzy seemed to have lost its appeal, particularly ironic given the date of the market peak on April Fool's day. Solana's memecoin market cap currently sits at $8.29 billion, down by 12% in the past day, with the leading meme token, dogwifhat (WIF), experiencing a 9% decline in market cap to $3.9 billion.

On Base, the total market cap plummeted by 19% to $1.47 billion, with the native token of Layer 3 network "Degen" (DEGEN) taking the hardest hit, dropping by 26.14% to $436.5 million. Overall, the total crypto market cap has decreased by 6.14% over the last 24 hours, reaching $2.45 trillion. Greenspan noted the significant impact of BTC's movement on memecoins, highlighting the higher volatility and susceptibility of memecoins to BTC's fluctuations.

Charles Edwards, founder of Capriole, echoed this sentiment, stating that memecoins tend to be highly influenced by BTC's downturns, experiencing double the impact in some cases. He emphasized that while there has been substantial excitement surrounding Solana and Base ecosystems, they may lack the tangible value of BTC and Ethereum.

Additionally, crypto analyst Ran Neuner suggested that the memecoin market may be approaching oversaturation in a recent post.