Categories: Altcoin

Meme coins appear to be losing steam

meme coins appear to be losing steam

Meme coins appear to be losing steam, which is evident from the decline in the values of SHIB and DOGE. Both tokens have lost 6.40% and 5.18% in the last 24 hours, respectively. One theory states that it is likely because of the emergence of Solana in popularity. Another theory suggests that this is merely a correction before prices retrace toward an upward trajectory. Overall sentiment within the meme coin segment is neutral, as the overall market cap has declined only by 4.98% when writing this article. The collective 24-hour trading volume is still up by 32.55%.

The performance of the meme coin sector has turned out to be colder than that of data services and DePIN. This development is concerning largely because the entire sector was fuming with upswings and greater attention. BODEN and TRUMP, too, enjoyed that popularity. Both are now down by 11.86% and 14.09%, respectively, in a single day.

Bearish sentiments had a space in the corner already. The likes of BTC and ETH have been through this phase. They are closer to attaining a new ATH in the next couple of weeks. Bitcoin is expected to surpass the milestone of $84,000, and Ether could move above $4,000. Bitcoin would dance to those tunes as a natural reaction to fluctuations. On the other hand, Ether will demonstrate the impact of speculation around the approval of Spot Ether ETF.

Meme coins are driven by their popularity on social media. They are still backed by the community’s enthusiasm, but social trends are declining. Nevertheless, the weighted sentiment has grown for DOGE and SHIB. So, even though the number of comments has fallen, those with positive sentiments have not declined so much.

It is now crucial for those positive comments to sustain the wave, for that reflects the public opinion about both meme coins.

SHIB and DOGE are simultaneously chasing an individual milestone. This is to maintain the lead on the leaderboard in terms of market cap. The chart is led by Dogecoin, with a market cap of over $22 billion. Shiba Inu comes second with a market cap of over $14 billion. SHIB aims to overcome the deficit and dethrone DOGE as early as possible. It could take a couple of years for that to happen, but SHIB holders are bullish that the trend to make its way into the market eventually.

PEPE, WIF, and BONK are also down significantly. Their red trades became prevalent in the last 24 hours. PEPE is down by 6.51%, WIF by 9.80%, and BONK by 9.60%.

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BTC and ETH are slowly retracing to lower values. BTC has slipped below $68,000, and ETH is less than $3,700. Both are their respective resistance marks, crucial for further upswings at an accelerated pace.

Trevor Holman: Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.