Dogecoin

Shiba Inu

Meme coins have faced a sharp correction in the past days prompting a sell-off as sentiments plunge. Wider crypto assets also recorded similar exits within the same period leading to a plunging market capitalization. The market cap trades below $2.4 trillion at press time while meme coins figures also fell to $49.9 billion after touching highs above $68 billion this year.&nbsp;
This year also saw the <a href="https://coingape.com/top-solana-memecoins/" target="_blank" rel="noopener noreferrer nofollow">Solana meme coin</a> frenzy as tokens rallied to all-time highs. Inflows to meme tokens in Q1 2024 took off with the approval of spot <a href="https://coingape.com/bitcoin-etfs-dominate-us-market-in-q1-2024/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> and accompanying institutional interests in the market. Positive sentiments in crypto assets lead to a meme coin surge while low volumes or macro factors will see investors pull funds out of risky assets.&nbsp;
<h2 id="strong-meme-coins-crashes-below-altcoins-strong">Meme Coins Crashes Below Altcoins&nbsp;</h2>
After notching surging gains due to user frenzy and volatility, meme coins have taken the biggest hit in the last seven days. Trading volumes are down to $4.5 billion with losses recorded in previous high-flying categories. New data from on-chain analytics firm, CryptoQuant shows meme coins in the altcoin market face a streaky decline.&nbsp;
Ki Young Ju, the founder and CEO of CryptoQuant explained on X (formerly Twitter) that the focus has now shifted from gambling to fundamentals.&nbsp;
“Memecoin dominance in alt markets is declining. CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago. Pack it up lads, it’s over.”&nbsp;
Young Ju clarified that while he is bearish on meme coins, he is bullish on Bitcoin.&nbsp;
<blockquote class="twitter-tweet">
 Some people misunderstood my tweet. I’m bearish on memecoins, not BTC. Long-term bullish on <a rel="noopener noreferrer nofollow" href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>.
 — Ki Young Ju (@ki_young_ju) <a rel="noopener noreferrer nofollow" href="https://twitter.com/ki_young_ju/status/1803486066558791881?ref_src=twsrc%5Etfw">June 19, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-style-font-weight-400-strong-asset-performance-this-week-strong-span">Asset Performance This Week&nbsp;</h2>
Top meme tokens saw double-digit losses last week before making a slight correction. Dogecoin (<a href="https://coingape.com/price/dogecoin/" target="_blank" rel="noopener noreferrer nofollow">DOGE</a>) plummeted 15% in the last seven days while Shiba Inu posted a 17% decline in the same period. Dogwifhat, Floki, and BONK saw higher levels of loss with 23.6%, 21%, and 24.6% respectively. The total market cap is down 4% today amid slight inflows into new tokens.
Also Read: <a href="https://coingape.com/trending/bnb-fades-away-from-all-time-high-whats-next/" target="_blank" rel="noopener noreferrer nofollow">BNB Price Fades Away From All-Time High: What’s Next?</a>
The post <a href="https://coingape.com/trending/meme-coins-dominance-falls-what-you-should-know/" rel="noopener noreferrer nofollow">Meme Coins Dominance Falls: What You Should Know</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Meme Coins Dominance Falls: What You Should Know

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