Dogecoin (DOGE) Moves Behind Meme Coins: What to Expect?
Dogecoin is marking losses wider than several meme coins as top crypto assets continue their downward movement. Meme coins saw losses last week with its market cap falling below $50 billion from almost $70 billion during the last bull run. The start of the week came with positive momentum for crypto assets but mid-week trading seems to revert volumes.
Meme coins are up 5.1% today with a total market cap of $50.4 billion while Dogecoin slumped 3.4% sparking a bearish outlook. As the leading meme coin, DOGE has an impact on the overall market with volumes usually showing the state of market sentiments and future trends.
Dogecoin Falls Amid Shaky Market
Dogecoin added to a string of weekly losses with recent outflows taking its market cap to $17.9 billion. At press time, DOGE trades at $0.1239 falling below many resistance levels. A major setback for the asset is the reduced bullish activity during this correction. Dogecoin bulls projected a rise to $1 as Bitcoin and other assets tapped new highs but the probability is now reduced.
Daily volumes also reflect the poor sentiment of the market as investors move away from risky assets. Numbers fell 38% to $531 million, a similar occurrence in multiple crypto assets. This month, DOGE recorded 26% outflows taking its price further downwards.
Dogecoin’s performance trails newly launched meme coins which have seen a slight increase in the last 24 hours. Top gainers in the market are Zyncoin and Mongcoin with 44.2% and 40.1% gains respectively.
Wider Crypto Losses
Like Dogecoin, top crypto assets have recorded losses extending liquidations. Bitcoin trades at $60,735, dropping 1.83% in the last 24 hours. Leading altcoin Ethereum (ETH) saw 0.55% outflows to trade at $3,393. BNB, Solana, and Ripple recorded 0.67%, 0.89%, and 1.30% respectively. On the flip side, Toncoin, Tron, and Avalanche notched 1.25%, 0.93%, and 3.65% inflows. Crypto holders remain positive about a change of fortunes on the back of favorable macro factors.
Also Read: 3 Altcoins To Sell This Week as Market Fluctuates
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