Memecoins
Will Dog-Themed Memecoins Rebound After 11% Drop?
Dog-themed memecoins are seeing huge losses this week as daily outflows hit double digits. Market corrections have led to reduced performance of crypto assets this week.
On-chain data shows a decline in memecoin prices, trading volume, and overall numbers. Total memecoin market capitalization stands at $47 billion, down 9.9% over the past 24 hours. Meanwhile, dog-themed memecoins saw an 11% decline today, reducing their market cap to $39.2 billion.
As memecoins fall due to market and macroeconomic factors, some analysts say a rise could be imminent and driven by the next rise after the halving.
Double-Digit Losses for Dog-Themed Memecoins
Dogecoin (DOGE) is down 6.2% today at $0.13 after seeing outflows. The weekly figures summarize the asset’s recent trend after recording weekly outflows of 17.9%. This massive erasure of part of the market capitalization is visible on dog-themed memecoins.
Shiba InuSHIB) experienced similar levels of outflows with a daily decrease of 6% and weekly losses of 18.8%. SHIB’s monthly losses increased to 28.9% amid massive sell-offs in the memecoin market. The asset’s trading volume fell to $668 million, indicating weak sentiment from investors.
Solana memecoin dogwifhat is down 9% today and 22% over the last seven days. Floki (FLOKI), CorgiAI and MYRO are down 24%, 18.4% and 31.7% this week as values fall across the board.
Is a rebound expected?
Memecoins are known for their market volatility as their prices skyrocket with improving sentiment and a rebound in crypto assets. Dog-themed memecoins are a top category with many high-ranking tokens. An increase in the number of cryptocurrencies will increase the performance of these assets.
Crypto traders are turning to Bitcoin halved to trigger the next bull run in the market. However, cryptocurrency prices fell below pre-Bitcoin halving figures, leading to massive liquidations. Bitcoin is currently trading at $59,924 alongside a decline in Ethereum and other altcoins.
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