The market performance was quite disappointing, with Dogecoin (DOGE) and the other five major meme coins suffering double-digit losses this weekend. In fact, just 12 hours ago, the leading meme coin ended the July 4 weekend with a 17% drop.
The market seems to be attempting a rebound, but the rebound has not yet fully formed. Two of the top five cryptocurrencies are still in the red on Monday. Dogwifhat (WIF) has suffered the most losses, down more than 5% in the past 24 hours. Conversely, Bonk has had the most impressive rebound, currently up more than 10%, according to CoinMarketCap data.
Meme Coin suffers double-digit losses at the start of the week
The cryptocurrency market has been struggling over the past few months. The altcoin space seems to have been in trouble, with Dogecoin and the other five major meme coins falling by double digits on Sunday. This continued into Monday, with a slight correction.
DOGE, the largest meme coin by market cap, fell more than 10%, while Shiba Inu (SHIB) fell 11% over the weekend. In addition, WIF and Bonk fell more than 15% and 10%, respectively. Pepe saw the biggest drop, with its value falling more than 17% about 12 hours ago.
Dogecoin and SHIB have reversed course at the start of the week and are now trading in an upward trend. The latter is up more than 4%, while the former still faces questions about how it will perform in the coming weeks. Late last week, the leading meme coin saw total liquidations surpass $5 million.
Moreover, its open interest has fallen to its lowest level since 2024. Today, it stands at $2.51 billion. However, despite falling more than 24% in the past 30 days, it is still struggling to hold the key $0.10 level.
