The memecoin market cap has declined in the past 24 hours, underperforming the rest of the cryptocurrency market, which posted gains during the same period.

According to CoinGecko data, the market cap of memecoins currently stands at $22.6 billion — reflecting a decrease of 1.8%. Conversely, the global cryptocurrency market cap is now at $2.08 trillion after posting a 2.1% increase in the past 24 hours.

"Memecoin underperformance likely stems from the current strength of core cryptocurrencies, such as ether, attracting investor attention and capital away from them. Their reliance on social media trends and limited fundamentals further compounds this effect," Nansen analysts told The Block.

In the past week, major memecoins such as Bonk, Pepe and Shiba Inu fell 14%, 5% …