The memecoin market is experiencing a downturn, with every top 20 memecoin by market capitalization reporting double-digit declines over the past week. Recent data indicates that the situation has worsened, with all top 10 memecoins also down by double digits in the last 24 hours. The market has seen a total loss of approximately $20 billion, contributing to a broader trend where traders are expressing concerns about the viability of memecoins. Despite the downturn, some traders are optimistic about a potential recovery, suggesting a rotation back to established memecoins. However, analysts note that many tokens have historically faced severe drawdowns, raising questions about the sustainability of the current market dynamics.