Wolfspeed Inc. (WOLF) experienced a significant stock plummet of 6.67% during intraday trading on Monday, mirroring the broader selloff in the meme coin market.
The semiconductor company's stock decline was likely driven by the steep correction faced by the meme coin WOLF, which lost over 30% of its value in the last 24 hours. The meme coin market as a whole took a hit, with popular coins like MAX, PIPPIN, and FWOG also suffering significant losses, contributing to a drop in the overall market capitalization for meme coins below $100 billion.
This sector-wide pullback in meme coins was triggered by a broader crypto market correction, with major cryptocurrencies Bitcoin and Ethereum also experiencing notable price drops. As investors seek safer havens amid the market volatility, attention has shifted to presale tokens like Flockerz (FLOCK) and Wall Street Pepe (WEPE), which have raised millions of dollars and are set to launch soon.
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