End of The Road for Meme Coins? Dogecoin Takes Heavy Losses

Meme coins and other crypto assets are posting losses due to a sharp downtrend. This reversal has surpassed the bearish momentum of the past two weeks, which anticipated a market upswing in July. Late July witnessed a correction that erased gains in the meme coin market, despite higher projections for Q2 2024. Amidst crypto market struggles, users are selling off assets, with significant volumes flowing to exchanges.

Meme coins, such as Dogecoin and Shiba Inu, are market leaders and influence sentiment in related assets. At present, the crypto market cap stands at $2.13 trillion, reflecting a 4% decline over the past 24 hours, while the meme coins market cap has dropped by 14% to $44.3 billion. This significant decline, relative to other assets, has prompted various perspectives on the future of meme coins.

Dogecoin Records Monthly Losses
Meme coins are highly volatile, experiencing rapid price swings aligned with market sentiment. This volatility explains the sharper drop compared to the broader crypto market this week. Dogecoin is trading at $0.1081, marking a 9% loss today and a 13.5% decline over the week. These setbacks have triggered sales, resulting in a substantial price drop.