As compared to the month of May, top meme coins have not performed well in June. The majority of memes coins are in a downtrend. Dogecoin, the leading meme coin is down by 35.3% in July. Following the Dogecoin phenomenon by Elon Musk numerous meme coins have been launched. The meme coin market is facing unprecedented selling pressure. The selling pressure indicators a reduction in the presence of new retail investors.