End of The Road for Meme Coins? Dogecoin Takes Heavy Losses

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As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market ups and downs. The recent downturn in the market, particularly for meme coins like Dogecoin and Shiba Inu, has been disheartening to say the least.

Meme coins and other cryptocurrencies have experienced significant losses recently, leading to a downturn in prices. This trend had previously generated bullish sentiment, suggesting a potential market recovery in July. However, the latter part of July brought about a correction, erasing gains made by meme coins and causing many investors to sell off their assets. As a result, large amounts of cryptocurrencies have been transferred to exchanges as users look to cash out during this challenging period for the crypto market.

Meme coins, such as Dogecoin and Shiba Inu, currently dominate the cryptocurrency market scene, significantly influencing the mood of related investments. As of now, the total value of all cryptocurrencies is estimated at $2.13 trillion, representing a 4% decrease over the past day. Meanwhile, the meme coin market cap has plunged by 14% to reach $44.3 billion. The considerable drop in meme coins compared to other assets has sparked various debates about their future prospects.

Dogecoin Posts Monthly Losses

Meme coins, such as Dogecoin, experience significant price fluctuations in response to market sentiment. This week, we’ve seen a noticeable decline for Dogecoin, with its current value at $0.1081 representing a 9% drop on the day and a more substantial 13.5% decrease over the past week. These shifts have caused concern among investors, leading to increased selling and contributing to the asset’s falling price.

End of The Road for Meme Coins? Dogecoin Takes Heavy Losses

The value of Dogecoin decreased by more than 33% during the past month, resulting in a substantial loss for this meme coin during its previous bull market. Currently, Dogecoin has a market capitalization of $15.6 billion and daily trading volumes of approximately $1.1 billion.

Dogecoin holders speculate future trends in anticipation of a swing in macro events.

Wider Meme Coins Go Downhill

In various sectors of the cryptocurrency market, there’s been a noticeable decrease in positive sentiment. The value of Shiba Inu dropped by 8.3%, pushing its weekly losses beyond the 13% threshold. Likewise, PEPE, dogewhats, and BONK experienced declines of 7.1%, 3.5%, and 1.8%, respectively, contributing to a broader trend of falling crypto assets. Nevertheless, if the Federal Reserve decides to lower interest rates, there’s a possibility that investors will shift their funds towards riskier assets.

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2024-07-04 22:15