Memecoins
Dogecoin (DOGE) Moves Behind Meme Coins: What to Expect?
Dogecoin is experiencing larger losses than several meme coins as major crypto assets continue their downward movement. Meme coins posted losses last week, with their market capitalization falling below $50 billion from nearly $70 billion during the last bull run. The start of the week came with positive momentum for cryptocurrencies, but mid-week trading appears to be turning the volumes around.
Today, Meme Coins rose 5.1% with a total market capitalization of $50.4 billion, while Dogecoin tumbled 3.4%, triggering a bearish outlook. Being the leading meme coin, DOGE impacts the overall market with volumes that usually show the state of market sentiments and future trends.
Dogecoin falls in the middle of a shaky market
Dogecoin added to a streak of weekly losses with recent outflows taking its market capitalization 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 predicted a rise to $1 as Bitcoin and other assets hit new highs, but the likelihood is now slim.
Daily volumes also reflect poor market sentiment as investors shy away from risky assets. The numbers dropped 38% to $531 million, a similar occurrence across multiple crypto assets. This month, DOGE has seen outflows of 26%, driving its price further lower.
Dogecoin’s performance follows newly launched meme coins which have seen a slight increase over the past 24 hours. The best earners in the market are Zinc and Mongcoin with gains of 44.2% and 40.1% respectively.
Wider crypto leaks
Like Dogecoin, major crypto assets have experienced losses that have extended liquidations. Bitcoin is trading at $60,735, down 1.83% over the past 24 hours. Top altcoin Ethereum (ETH) has seen outflows of 0.55%, trading at $3,393. BNB, Solana, and Ripple have seen inflows of 0.67%, 0.89%, and 1.30%, respectively. On the other hand, Toncoin, Tron, and Avalanche have seen inflows of 1.25%, 0.93%, and 3.65%.
Read also: 3 Altcoins to Sell This Week as the Market Fluctuates
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David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in learning about emerging technologies and has an eye for the latest news. Staying up to date on trends, David has reported in several niches including regulation, partnerships, cryptocurrencies, stocks, NFTs, etc. Away from the financial markets, David cycles and rides horses.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for personal financial loss.