DeFi Sector Plunges 8.77% Leading Broad Crypto Market Decline

DeFi leads market downturn with 8.77% drop. LAB crashes 67.70% while EdgeX and Lido DAO rise. Most other sectors including Layer1 and Meme decline.

Woofun AI data shows that the cryptocurrency market experienced a broad decline on July 8, with 24-hour losses generally ranging from 2% to 9%. The DeFi sector led the downturn, falling 8.77%, while LAB dropped 67.70% and Hyperliquid (HYPE) fell 4.30%. Conversely, EdgeX and Lido DAO rose 29.12% and 11.01%, respectively.

Other sectors also declined: CeFi fell 1.66%, Layer1 dropped 2.22%, PayFi decreased 2.30%, Meme sector lost 2.73%, and Layer2 declined 3.02%. Notable exceptions included Zcash up 5.17%, Telcoin up 4.11%, and MemeCore gaining 11.30%. Historical sector indices ssiSocialFi, ssiDePIN, and ssiAI fell 9.26%, 6.50%, and 5.23%.