Memecoins, which made a name for themselves in the first months of the year, seem to have lost the excitement behind them in recent days. The joke-themed altcoins, which once provided astronomical gains to their investors, are now among the market’s biggest losers.

Political and military tensions between Israel and Iran in the Middle East negatively affected Bitcoin (BTC) and Ether (ETH), while the risk of war was also reflected in memecoins.

The largest cryptocurrency by market capitalization has lost 8.1 percent in the last week. In ETH, the weekly loss was 10.1 percent.

Aside from Bitcoin and Ethereum’s near double-digit declines, the damage to memecoins has been far greater. The five biggest joke-themed altcoins all fell more than 20 percent for the week.

According to CoinGecko data, Dogecoin (DOGE), the ancestor of memecoins, gained 3.6 percent in the last 24 hours, but the weekly decline was recorded as 21.4 percent. This figure is 20 percent in Shiba Inu (SHIB), which follows Dogecoin.

Solana-based memecoin Dogwifhat (WIF) has fallen 25.8 percent in the last 7 days. PEPE and FLOKI, ranked fourth and fifth, lost more than their competitors. Both altcoins lost 29 percent.

Market depth remained intact

Price declines have also led to a decrease in trading volumes. Data tracked by institutional crypto exchange FalconX shows that the average daily trading volume in prominent memecoins fell from $5.8 billion in March to $3 billion in May. Still, this is well above the $500 million per day recorded in January.

In addition, 1% market depth, a liquidity indicator that measures how easily large orders are executed at fixed prices, remained strong.

According to FalconX’s analysis, the 1% market depth of DOGE, the world’s largest memecoin by market capitalization, hit a one-year high of $10 million on Friday. In contrast, the market depth of the second-ranked meme token SHIB reached $4 million.

Experts have made a separate parenthesis to the fact that memecoin liquidity remains intact despite the decline.