Meme coin prices have fallen hard today. The crypto market has been generally awful lately, but meme coins are among the top losers.
These coins, DOGS and FLOKI, have stood out as the top losers within the top 100 cryptocurrencies, both experiencing a significant plunge of over 20% this week.
Moreover, DOGS’s price has seen a steep drop, losing 26.66% of its value over the last seven days, while FLOKI’s price has fallen by 22.16%, reflecting growing investor skepticism.
Image source: CoinMarketCap /Losers in the last 7 days.
The broader market conditions have not been favorable for speculative tokens like meme coins, and the sharp decline further fuels concerns about their viability in the ongoing recovery phase.
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Show more +Show less – Meme Coins Continue to bearish sentiment Continues
This sharp decline isn’t entirely strange, as meme coins have been on a downward trend for some time.
Analysts suggest that the second half of the current market cycle could see more utility-based projects capturing investor interest, while speculative assets like meme coins face more headwinds.
Despite this slow price action, some traders are still optimistic about DOGS. A recent chart shared by CryptoJobs3 on X to his 33,000 followers suggests that DOGS has broken its main downtrend and may be setting up for a pump toward the 0.00011500 resistance zone.
$DOGS The main downtrend has been brokenA new test is underwayA pump toward the 0.00011500$ zone could happen #DOGS #trading #crypto pic.twitter.com/bhMUP6sC9K
— Crypto_Jobs TA & FA (@CryptoJobs3) September 5, 2024
However, the price action remains cautious, with several key resistance levels still in place before any significant upward momentum can occur.
Moreover, CryptoDona7 on X tweeted that FLOKI remains bearish and could see further lows, dropping below $0.0001 in the future.
$FLOKI Still bearish , one more lows will be made below $0.0001 again https://t.co/x3ACITwvAB pic.twitter.com/HIbHU6mTlC
— Dona (@CryptoDona7) September 3, 2024
The overall sentiment for meme coins remains negative, with market participants waiting for more definitive signs of a reversal before making further moves.
Finally, as meme coins like DOGS and FLOKI struggle to regain their footing, attention is increasingly turning toward projects with more concrete use cases. Analysts expect that utility-driven projects will take center stage in the next phase of the bull run, with investors prioritizing assets that offer real-world applications and long-term value.
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The post Meme Coin Prices Among Top Crypto Losers – DOGS and FLOKI Lead the Plunge appeared first on CaptainAltcoin.
