Will Dog-Themed Memecoins Rebound After 11% Plunge?

Dog-Themed Memecoins Record Double-Digit Losses

This week has witnessed significant declines in dog-themed memecoins, with daily outflows exceeding 10%. These market corrections have adversely impacted the performance of crypto assets.

On-chain data indicates a decline in memecoin prices, trading volume, and overall valuations. The total market capitalization of memecoins currently stands at $47 billion, representing a 9.9% drop in the past 24 hours. Dog-themed memecoins, in particular, have experienced an 11% loss today, reducing their market cap to $39.2 billion.

Analysts attribute the decline in memecoins to market and macroeconomic factors. However, some suggest that a potential rise may be imminent, driven by the anticipated bull run following the upcoming Bitcoin halving.

Double-Digit Losses for Dog-Themed Memecoins

Dogecoin (DOGE) has declined 6.2% today, trading at $0.13 after experiencing outflows. Weekly figures reflect the asset's recent trend, with 17.9% weekly exits. This substantial loss of market cap is evident across dog-themed memecoins.

Shiba Inu (SHIB) has experienced similar outflows, with a 6% daily decrease and 18.8% weekly losses. SHIB's monthly losses have increased to 28.9% amid widespread sell-offs in the memecoin market. The asset's trading volume has fallen to $668 million, indicating weak investor sentiment.

Solana memecoin dogwifhat has declined 9% today and 22% in the last seven days. Floki (FLOKI), CorgiAI, and MYRO have also witnessed significant declines, with losses of 24%, 18.4%, and 31.7% this week.

Is a Rebound Possible?

Memecoins are known for their market volatility, with prices soaring in response to positive sentiment and crypto asset rebounds. Dog-themed memecoins are a prominent category, with several highly ranked tokens. A surge in crypto market valuations would likely boost the performance of these assets.

Crypto traders are anticipating the Bitcoin halving as a potential catalyst for the next bull run. However, crypto prices have fallen below pre-Bitcoin halving levels, leading to extensive liquidations. Bitcoin is currently trading at $59,924, with Ethereum and other altcoins also experiencing declines.

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