 ▲ Meme Coin |
Bearish momentum was highlighted following last week as memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE recorded poor performance.
Cointelegraph, a cryptocurrency media outlet, reported that over the past week, the overall market capitalization of the memecoin market recorded $45.31 billion, down 11%.
Popular memecoins such as Dogecoin, Shivanu, and Pepe all fell by double-digit percentages over the course of a week. In particular, FLOKI fell by 27%, BONK by 22%, and Dogwifhat (WIF) by 21%.
The daily trading volume in the memecoin market increased by 79% to $6.25 billion, showing that selling pressure has intensified.
So far, the bull market has been led by individual investors who circulate capital from virtual assets with the highest market capitalization, such as Bitcoin (BTC) and Ethereum (ETH), to various altcoins.
However, Total 3, which represents the market capitalization of all altcoins excluding those of Bitcoin and Ethereum, rallied to $720 billion as of June 5 and then retreated by 19%.
It is also worth noting the data analysis results of Dune Analytics, which proved that the weekly trading volume of Memcoin has decreased since March.
Dune Analytics analyzed data showing that Memcoin trading volume across all blockchains, including Ethereum and Solana (SOL), peaked at $996.7 million in March and then fell 97% to $30.35 million as of the 14th. The results were made public. This suggests that traders' interest in or confidence level in meme coins continues to decline.
Meanwhile, an analyst who goes by the pseudonym Bluntz argued that there is a possibility of a stable rally before the Dogwihat continues its downward trend, adding, “It is difficult to pinpoint an exact time when the Dogwihat will reach $1, but it will be around 50 “It is expected to record a % rally,” he said.
