Dog-Themed Memecoins Lose Steam as Rivals Surge
Dog-themed memecoins record slight outflows amid a surge in Cat and Solana-based tokens. The wider memecoin market capitalization trades sideways after the Bitcoin halving with some assets posting losses while others notch staggering gains.
Losses are recorded in meme tokens as investors withdraw funds due to a declined market sentiment. Some users take out funds after the memecoins surge to a particular point ushering in a period of uncertainty for the token.
Dog-themed memecoins are the largest memecoin category far outpacing cat and frog-themed assets. However, short-term growth recorded in other assets has left Dogecoin (DOGE) and Shiba Inu (SHIB) a step behind this week.
Dog-Themed Memecoins See Outflows
Dogecoin is down 5.2% in the last 24 hours reducing weekly gain to 6.1%. The asset’s declining volumes point to reduced sentiment amid the short-term exits. Shiba Inu plunged 4.5% today stalling its recent high-flying run.
The dog-themed memecoin weekly rally moved above 22% as it continued to attract investors. Community favorite, FLOKI plummeted 6.5% after over 50% weekly inflows. MYRO and CorgiAI saw 9.3% and 5.5% losses. While general tokens continue to decline, dog-themed tokens linked to the Solana ecosystem notched inflows.
Solana memecoin dogwifhat is up 4% extending its sun since the Bitcoin halving. Solana tokens are currently outpacing other assets with SOL showing slight gains above top cryptocurrencies.
Despite the slow progress of dog-themed memecoins, Linda and Solordi have spiked 65.5% and 25.2% respectively.
A Weekly Reversal?
The daily decline recorded by dog-themed memecoins could be short term, analysts opine. This is because of long-term inflows seen by these assets before and after the Bitcoin halving.
The Bitcoin halving momentum is another driving factor behind memecoins. As inflows trickle into Bitcoin, most users expect similar inflows to the memecoin ecosystem sparking a rise in assets. Finally, the surge in Solana memecoins, trading against the market is another positive signal for met traders on a possible reversal.
Also Read: Why Is MEMEAI Trending Today?
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