đ Memecoins like Dogecoin, Shiba Inu, and Pepe are having a "ruff" day, underperforming the market with an 11% drop in total market cap. đ¶đ The daily trading volume has surged 79%, indicating a sell-off frenzy. Dogwifhat, Book of Meme, and Brett are leading the pack with losses of 14.55%, 14.3%, and 13% respectively.
Why the sudden crash? đ€ Weakening market structure and declining trading volume are the main culprits. The total market cap of all cryptos excluding Bitcoin and Ethereum has decreased by 19% since June 5, indicating a bearish trend.
Furthermore, memecoin transactions have dropped by a whopping 97% since March, suggesting a decline in trader interest.
So, what's next for our furry friends? If the total market cap fails to rise above $600 billion, we might see more dumping in the coming days. đđŹ
What do you think? Is it time to sell or hold on for dear life? Let us know in the comments! đ