Will Dog-Themed Memecoin Rebound After 11% Plunge?
The dog-themed memecoin recorded huge losses this week as daily outflows entered the double digits. The market correction led to a decline in crypto asset performance this week.
On-chain data shows a decline in memecoin prices, trading volumes, and overall data. Memecoin has a total market capitalization of $47 billion and is down 9.9% in the past 24 hours. Meanwhile, dog-themed memecoin has fallen 11% today, with its market capitalization down to $39.2 billion.
Market and macroeconomic factors have led to the decline in memecoins, and some analysts say the next bull run after the halving may spur the rise of memecoins.
Dog-Themed Memecoin Sees Double-Digit Losses: Dogecoin (DOGE) fell 6.2% to $0.13 today after outflows. Weekly data summarizes the recent trend of the asset after a 17.9% weekly exit. A large-scale disappearance of some market capitalization can be seen in dog-themed memecoins.
Shiba Inu ( SHIB ) has seen similar levels of outflows, down 6% on a daily basis and 18.8% on a weekly basis. SHIB’s monthly losses widened to 28.9% as the memecoin market sell-off widened. The asset’s trading volume has fallen to $668 million, indicating weak investor sentiment.
Solana memecoin Dogwifhat is down 9% today and 22% over the past seven days. Floki (FLOKI), CorgiAI, and MYRO have all plummeted this week, falling 24%, 18.4%, and 31.7%, respectively.
Is a rebound imminent?
Memecoins are known for their market volatility, with their prices surging as sentiment improves and crypto assets rebound. Dog-themed memecoins are a top category with many premium tokens. A surge in the number of cryptocurrencies will boost the performance of these assets.
Crypto traders are looking to the Bitcoin halving to spark the next bull run in the market. However, cryptocurrency prices have fallen below pre-halving figures for Bitcoin, leading to mass liquidations. Bitcoin is currently trading at $59,924, while Ethereum and other altcoins are down.
