In simpler terms, the value of memcoins related to dogs has decreased slightly, while those connected to cats and Solana have increased. The total value of memecoins remains relatively stable following Bitcoin‘s halving. Some memecoins experienced losses, while others saw impressive growth.
Investors withdraw their funds from meme tokens, resulting in losses being inscribed. This action is taken when the market mood turns sour, causing some users to cash out following a price increase. This withdrawal sparks doubt and uneasiness within the token community.
In simple terms, memecoins based on dogs are currently the most popular category, significantly larger than those centered around cats or frogs. However, recent growth spikes in other memecoins have momentarily surpassed Dogecoin (DOGE) and Shiba Inu (SHIB) this week.
Dog-Themed Memecoins See Outflows
In simpler terms, the price of Dogecoin dropped by 5.2% over the past 24 hours, which decreased its weekly growth to 6.1%. The decrease in trading volume suggests that investors are selling off the asset quickly, possibly due to a loss of confidence or short-term profits. Shiba Inu experienced a 4.5% decline today, putting a halt to its recent surge in value.
The weekly rally for memcoins with a dog theme gained over 22%, drawing in investors. In contrast, FLOKI, a community favorite, dropped by 6.5% following substantial weekly investments. MYRO and CorgiAI experienced losses of 9.3% and 5.5%, respectively. Despite a downturn for most tokens, dog-themed coins connected to the Solana platform recorded inflows.
Solana memecoin dogwifhat is up 4% extending its sun since the Bitcoin halving. Solana tokens are currently outpacing other assets with SOL showing slight gains above top cryptocurrencies.
Although memecoins related to dogs have been advancing slowly, Linda’s and Solordi’s values have surged by 65.5% for Linda and 25.2% for Solordi instead.
A Weekly Reversal?
Analysts believe that the decrease in value for memcoins with a dog theme may only be temporary. This is due to the consistent investments made in these coins both prior to and following the Bitcoin halving event.
The Bitcoin halving, which drives more investment into Bitcoin, also influences memecoins. As people move their funds from other assets into Bitcoin, they often look for similar opportunities in the memecoin market. This influx of capital can lead to an increase in value for these assets. Moreover, the recent surge in Solana memecoins, despite the overall market trend, is a promising sign for meme coin traders, indicating potential for a market reversal.
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2024-04-24 23:23