End of the road for Meme coins? Dogecoin takes heavy losses

Meme cash and different crypto belongings are posting pink numbers following a pointy downward pattern. These occasions have plunged bullish momentum within the final two weeks which regarded in direction of a market upswing in July. The tip of July noticed a correction that wiped off positive factors within the meme coin market amid larger projections in Q2 2024. As crypto belongings wrestle, customers unload belongings with giant chunks flowing to exchanges.Meme cash like Dogecoin and Shiba Inu lead the market and to an extent, dictate sentiments in associated belongings. At press time, the crypto market cap stands at $2.13 trillion, a 4% decline within the final 24 hours whereas the meme cash market cap is down 14% to $44.3 billion. The massive nosedive of meme cash in comparison with different belongings has led to a number of views on the way forward for the asset class.

Dogecoin Posts Month-to-month Losses

Meme cash are unstable belongings with swift worth swings in keeping with the market sentiment. This explains the drop above the broader crypto market this week. Dogecoin trades at $0.1081, a 9% drop at this time whereas weekly figures slipped 13.5%. These figures have tumbled the assetasset’s worth spurring large gross sales from the neighborhood.

Dogecoin’s month-to-month numbers continued the downtrend shedding over 33% of its values within the interval. This worn out a good portion of the meme coin inflows within the final bull cycle. The market cap of DOGE stands at $15.6 billion whereas every day buying and selling volumes are at $1.1 billion.Dogecoin holders speculate future traits in anticipation of a swing in macro occasions.

Wider Meme Cash Go Downhill

The decline in sentiments is seen throughout a number of sectors within the area. The value of Shiba Inu plummeted 8.3%, extending weekly exits above 13%. Equally, PEPE, dogwifhat, and BONK fell 7.1%, 3.5%, and 1.8% respectively including to a downtrend in crypto belongings. Nevertheless, an introduction of rate of interest cuts by the Feds might see funds circulate to dangerous belongings.