Leading meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and PEPE, are displaying declines.
Despite positive news for Ripple and Solana, the meme coin sector remains volatile and struggles to gain.
As the global cryptocurrency market continues to evolve, recent developments have sparked optimism in the crypto market. Bitcoin (BTC) has bounced and maintained its position above $66,000 despite the ripple effects of the Mt. Gox Bitcoin selloff. Meanwhile, broader market sentiment has turned positive with the anticipated resolution of the Ripple-SEC lawsuit and the SEC’s recent classification of Solana (SOL) as a non-security.
Still, BTC has declined by around 1% in the last 24 hours. Amidst the Bitcoin backdrop, the leading memecoins also struggled to maintain their momentum and follow BTC suits. While Bitcoin remains relatively stable, meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), PEPE, Dogwifhat (WIF), and Bonk have struggled to maintain their recent gains. The overall market sentiment may be upbeat, but the meme coin sector is grappling with notable losses.
Top Memecoins (Source: CoinMarketCap ) Meme Coin Market Faces Declines Amidst Stalled Recovery Efforts
Memecoins, which had gained huge attention in 2024, are now seeing a decline. Today, Dogecoin (DOGE) and other top meme coins are down by about 3% each. Over the past week, these coins have dropped up to 12%.
The market is trying to rebound, but the recovery hasn’t fully taken off. Two of the top five meme coins are experiencing double-digit losses. In recent trading sessions, Dogwifhat (WIF) has fallen over 4% in the last 24 hours and 12% over the week. while Bonk has lost over 8% in the past week and 4% in the last 24 hours.
Further, Dogecoin, the largest meme coin by market cap, has dropped approximately 3.28% in the past 24 hours, with Shiba Inu following closely with a 1.36% decline. PEPE, another widely followed meme token, has seen a notable decrease of over 4% in the last day and a significant 10.74% drop over the past week.
Despite the broader market’s attempt at a rebound, the meme coin sector has yet to capture the same positive momentum, reflecting ongoing volatility and shifting investor sentiment.
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