As the decline in cryptocurrencies continues to deepen, this situation has also affected meme coins. Especially the market movements in the last three weeks seem to have greatly worried investors who expected a rise in July. More importantly, amid all this, it is seen that investors are quickly sending their meme coins to exchanges to reduce their losses and prepare them for sale.
Meme Coin Comments
When it comes to meme coins, it is known that there are two leaders in terms of market volume. Dogecoin and Shiba Inu are at the forefront of this process and continue to lead the meme coin market. It would not be wrong to say that the movements of these cryptocurrencies also have an impact on meme coins.
As of the time of writing, the total market volume of the cryptocurrency market has dropped to 2.13 trillion dollars after a decline of over 4% in the last 24 hours. Within this decline, the value of meme coins experienced a 14% drop and was calculated at 44.3 billion dollars.
The future of meme coins, which have experienced a larger decline than the general market conditions, seems to be questioned more loudly after this price movement.
It is known that meme coins, by their nature, have high volatility and respond very quickly to events in the market. This situation can be explained as one of the reasons why the decline in the market, especially in BTC, triggers larger declines on the meme coin side.
DOGE Current Status
On the other hand, when we examine Dogecoin, it was seen that after a 9.71% decline, it found buyers at the 0.1069 dollar region. In the weekly review, DOGE’s decline indicated 16.03%. It would not be wrong to say that the wave of sales triggered by the anxiety caused by the market declines also brought significant sales in DOGE.
Dogecoin’s monthly outlook indicated a completely different situation. The 33% decline in DOGE over the last 30 days created a shock effect. The declines seem to have erased a large part of the rise experienced in March. DOGE’s market value also dropped to 15.492 billion dollars during this period.
In contrast, the 24-hour trading volume rose to 1.2 billion dollars due to panic selling by investors.
