The market value of major Memefunds on Daos.fun has dropped sharply, with ai16z's market value shrinking by 80% in the past seven days

The market capitalization of major Memefunds on Daos.fun has seen a notable decline over the past week, with leading funds such as ai16z and Norm Capital losing more than 80% of their value. Analysts say the initial hype surrounding these funds may be fading quickly. According to the latest data from the newly created platform, ai16z's market capitalization has fallen from about $130 million to about $23.8 million, a drop of nearly 82% in just one week. In addition, ai16z has a net asset value (NAV) of just $283,150 under management, indicating a clear discrepancy between its market capitalization and its holdings. The fund's major holdings include SOL and Degensai. Similarly, Norm Capital's market capitalization has also plummeted from about $170,000 to just $25,000, with a net asset value of $2,481. The fund is primarily comprised of two Meme coins, Retardio and Retire. As Memefund approaches its initial value of 33 SOL (about $5,346), holders may soon face restrictions on selling tokens. According to Memefund's page, if the value of NORM falls below its initial level, traders will not be able to sell their tokens at the current curve, a condition that applies to all funds on the platform. (The Block)