NewsletterWill Dog-Themed Memecoins Rebound After 11% Plunge?
Dog-themed memecoins are recording huge losses this week as daily outflows enter double digits. The corrections in the market have led to reduced crypto asset performance this week.
On-chain data shows a decline in memecoins prices, trading volume, and overall figures. The total memecoin market capitalization stands at $47 billion, a 9.9% decline in the last 24 hours. Meanwhile, Dog-themed memecoins have seen an 11% drop today reducing their market cap to $39.2 billion.
As memecoins fall due to market and macroeconomic factors, some analysts say a rise might be imminent and spurred by the next bull run post-halving.
Double Digit Losses for Dog-Themed Memecoins
Dogecoin (DOGE) is down 6.2% today trading at $0.13 after posting outflows. Weekly figures encapsulate the asset’s recent trend after recording 17.9% weekly exits. This massive wipeout of parts of the market cap is seen across dog-themed memecoins.
Shiba Inu (SHIB) saw similar levels of outflows with a 6% daily decrease and 18.8% weekly losses. SHIB’s monthly losses increased to 28.9% amid wider sell-offs in the memecoin market. The asset’s trading volume has fallen to $668 million signaling weak sentiments from investors.
Solana memecoin dogwifhat is down 9% today and 22% decline in the last seven days. Floki (FLOKI), CorgiAI, and MYRO have declined 24%, 18.4%, and 31.7% this week as values plummet across the board.
Is a Rebound On The Cards?
Memecoins are known for their volatility in the market as their prices soar with improved sentiment and a rebound of crypto assets. Dog-themed memecoins are a top category with many high-ranking tokens. A surge in crypto numbers will boost the performance of these assets.
Crypto traders look towards the Bitcoin halving to spark the next bull run in the market. However crypto prices have fallen below pre-Bitcoin halving figures leading to massive liquidations. Bitcoin currently trades $59,924 alongside a drop in Ethereum and other altcoins.
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