Investors Reduce Losses by Selling Meme Coins

Investors Mitigate Losses Amidst Crypto Decline by Unloading Meme Coins

As the cryptocurrency market continues to experience a downturn, meme coins have not been spared. Market movements over the past three weeks have raised concerns among investors who anticipated an upswing in July. Notably, investors are reacting quickly by sending their meme coins to exchanges to minimize losses and prepare for potential sales.

Meme Coin Market Overview

Dogecoin and Shiba Inu dominate the meme coin market in terms of trading volume. Their movements often reverberate across the broader meme coin landscape.

At the time of writing, the total cryptocurrency market has dropped to $2.13 trillion, representing a 4% decline within the last 24 hours. Meme coin values have suffered a 14% loss, now standing at $44.3 billion.

The recent price movements have intensified questions about the future of meme coins, given their underperformance relative to the wider market.

Volatility and Market Sensitivity

Meme coins are inherently volatile, reacting swiftly to market events. The downturn in prominent assets like Bitcoin (BTC) tends to amplify losses in the meme coin sector.

Dogecoin's Current Situation

Dogecoin's price has declined by 9.71%, finding support at the $0.1069 level. Over the past week, DOGE has lost 16.03%. The market anxiety has triggered a wave of sales, leading to significant declines in DOGE's value.

Over the past 30 days, DOGE has plunged by 33%, eroding much of the gains made in March. The market capitalization of DOGE has fallen to $15.492 billion.

Panic selling has resulted in a surge in 24-hour trading volume, reaching $1.2 billion.