Memecoins
Dog-Themed Memecoins Lose Strength as Rivals Proliferate
Dog-themed memecoins are seeing slight outflows amid a surge in Cat and Solana-based tokens. The broader memecoin market cap is trading sideways following the Bitcoin halving, with some assets posting losses while others post staggering gains.
Losses are recorded in the form of meme tokens when investors withdraw their funds due to a decline in market sentiment. Some users withdraw funds after memecoins reach a particular point, setting the stage for a period of uncertainty for the token.
Dog-themed memecoins make up the largest category of memecoins, far surpassing cat- and frog-themed assets. However, short-term growth seen in other assets left Dogecoin (DOGE) and Shiba Inu (SHIB) lagging this week.
Dog-Themed Memecoins See Releases
Dogecoin is down 5.2% over the past 24 hours, reducing the weekly gain to 6.1%. The decline in asset volumes reflects a decline in sentiment regarding short-term outflows. Shiba Inu plunged 4.5% today, stalling its recent high-flying run.
The dog-themed memecoin’s weekly rally surpassed 22% as it continued to attract investors. Community favorite, FLOKI fell 6.5% after weekly inflows of more than 50%. MYRO and CorgiAI recorded losses of 9.3% and 5.5%. As general tokens continue to decline, dog-themed tokens related to the Solana ecosystem have seen inflows.
Solana memecoin dogwifhat is up 4%, extending its sunshine since Bitcoin’s halving. Solana tokens are currently outperforming other assets, with SOL posting slight gains against major cryptocurrencies.
Despite the slow rise of dog-themed memecoins, Linda and Solordi grew by 65.5% and 25.2%, respectively.
A weekly reversal?
The daily decline recorded by dog-themed memecoins could be short-term, analysts say. This is due to the long-term inflows these assets saw before and after the Bitcoin halving.
THE Bitcoin halved momentum is another driving factor behind memecoins. As flows flow into Bitcoin, most users expect similar flows into the memecoin ecosystem, triggering an increase in assets. Finally, the sharp rise in Solana memecoins, traded against the market, is another positive signal for traders encountered regarding a possible reversal.
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