IS THE MEMECOIN SEASON OVER? 🤔 Here Is The Answer 👇
Memecoins like Dogecoin, $FLOKI and $BONK are losing value as Bitcoin's dominance increases. In fact, the total market cap of memecoins has dropped by 2.65% to $55.45 billion! The reasons about this decline are several: the altcoin market structure, the decrease of trading volumes and the investor's uncertainty regarding the recent news of U.S macroeconomic data.
In my opinion, this 'memecoins sell-off' is a sign that investors are losing their confidence in this sector and as a consequence, they will look for cryptos with stronger fundamentals like BTC and ETH. That's also explains why the Bitcoin's dominance keeps increasing. If the trend continues like that, we may see a prolonged period of consolidation or a decline in memecoins prices. Remember, the altcoin/memecoin season is exptected when BTC loses its dominance!
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