{"id":337750,"date":"2024-07-05T00:51:19","date_gmt":"2024-07-04T19:21:19","guid":{"rendered":"https:\/\/dripp.zone\/news\/end-of-the-road-for-meme-coins-dogecoin-takes-heavy-losses-crypto-news\/"},"modified":"2024-07-05T00:55:52","modified_gmt":"2024-07-04T19:25:52","slug":"end-of-the-road-for-meme-coins-dogecoin-takes-heavy-losses-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/end-of-the-road-for-meme-coins-dogecoin-takes-heavy-losses-crypto-news\/","title":{"rendered":"End of The Road for Meme Coins? Dogecoin Takes Heavy Losses – Crypto News"},"content":{"rendered":"

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Meme coins and other crypto assets are posting red numbers following a sharp downward trend. These events have plunged bullish momentum in the last two weeks which looked towards a market upswing in July. The end of July saw a correction that wiped off gains in the meme coin market amid higher projections in Q2 2024. As crypto assets struggle, users sell off assets with large chunks flowing to exchanges.<\/span><\/p>\n

Meme coins like Dogecoin and Shiba Inu lead the market and to an extent, dictate sentiments in related assets. At press time, the crypto market cap stands at $2.13 trillion, a 4% decline in the last 24 hours while the meme coins market cap is down 14% to $44.3 billion. The huge nosedive of meme coins compared to other assets has led to several perspectives on the future of the asset class.\u00a0<\/span><\/p>\n

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Dogecoin Posts Monthly Losses<\/strong><\/h2>\n

Meme coins are volatile assets with swift price swings in line with the <\/span>market sentiment<\/span><\/a>. This explains the drop above the wider crypto market this week. Dogecoin trades at $0.1081, a 9% drop today while weekly figures slipped 13.5%. These figures have tumbled the assetasset\u2019s price spurring massive sales from the community.<\/span>\u00a0<\/span><\/p>\n

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Dogecoin\u2019s monthly numbers continued the downtrend shedding over 33% of its values in the period. This wiped out a significant portion of the meme coin inflows in the last bull cycle. The market cap of <\/span>DOGE<\/span><\/a> stands at $15.6 billion while daily trading volumes are at $1.1 billion.<\/span><\/p>\n

Dogecoin holders speculate future trends in anticipation of a swing in macro events.<\/span><\/p>\n

Wider Meme Coins Go Downhill<\/strong><\/h2>\n

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The decline in sentiments is seen across several sectors in the space. The price of <\/span>Shiba Inu<\/span><\/a> plummeted 8.3%, extending weekly exits above 13%. Similarly, PEPE, dogwifhat, and BONK fell 7.1%, 3.5%, and 1.8% respectively adding to a downtrend in crypto assets. However, an introduction of interest rate cuts by the Feds could see funds flow to risky assets.<\/span><\/p>\n

Also Read: <\/b>Altcoins To Have In Your Portfolio Post US Independence Celebration<\/span><\/a><\/p>\n

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