End of The Road for Meme Coins? Dogecoin Takes Heavy Losses
Meme coins and other crypto assets are posting red numbers following a sharp downward trend. These events have plunged bullish momentum in the last two weeks which looked towards a market upswing in July. The end of July saw a correction that wiped off gains in the meme coin market amid higher projections in Q2 2024. As crypto assets struggle, users sell off assets with large chunks flowing to exchanges.
Meme coins like Dogecoin and Shiba Inu lead the market and to an extent, dictate sentiments in related assets. At press time, the crypto market cap stands at $2.13 trillion, a 4% decline in the last 24 hours while the meme coins market cap is down 14% to $44.3 billion. The huge nosedive of meme coins compared to other assets has led to several perspectives on the future of the asset class.
Dogecoin Posts Monthly Losses
Meme coins are volatile assets with swift price swings in line with the market sentiment. This explains the drop above the wider crypto market this week. Dogecoin trades at $0.1081, a 9% drop today while weekly figures slipped 13.5%. These figures have tumbled the assetasset’s price spurring massive sales from the community.
Dogecoin’s monthly numbers continued the downtrend shedding over 33% of its values in the period. This wiped out a significant portion of the meme coin inflows in the last bull cycle. The market cap of DOGE stands at $15.6 billion while daily trading volumes are at $1.1 billion.
Dogecoin holders speculate future trends in anticipation of a swing in macro events.
Wider Meme Coins Go Downhill
The decline in sentiments is seen across several sectors in the space. The price of Shiba Inu plummeted 8.3%, extending weekly exits above 13%. Similarly, PEPE, dogwifhat, and BONK fell 7.1%, 3.5%, and 1.8% respectively adding to a downtrend in crypto assets. However, an introduction of interest rate cuts by the Feds could see funds flow to risky assets.
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