Memecoin market collapses: Will the decline continue?

Data from the cryptocurrency market show a new trend in the memecoin category. The memecoin craze shows signs of weakening with the decrease in trading volume and the decline of the market.

Crypto data platform CoinMarketCap states that leading memecoins have performed sideways this month. However, high volatility continues in the relevant cryptocurrencies. Therefore, it is possible that they will decline more than other altcoins.

According to CoinMarketCap data, the memecoin market value was around $ 135 billion on December 7. As of the writing of the news, the market value has fallen to $ 120 billion. The sharp decline in a short time may be signaling that different trends are coming to the fore.

#Bitcoin , which reached an all-time high (ATH) of $ 108,000 on December 17, greened the altcoin market. However, the subsequent decline created selling pressure on altcoins. With Ethereum remaining relatively strong, altcoins in the ecosystem lost less value. However, memecoins posed a threat by recording much larger declines.

As of the writing of the news, Bitcoin is trading at $104,240. With daily closings above $105,000, the way may be paved for new ATHs. However, a possible sharp increase in #BTC dominance may bring a new wave of sales in altcoins. On the other hand, the decrease in Bitcoin weight in the market and the possible increase in BTC price will make altcoin investors happy.