Published on juni 19, 2024, 12:43 am
Image source: Fox News
```json [ { "TLDR": "Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are currently underperforming in the cryptocurrency market, with a significant drop in market capitalization but an increase in trading volume. The decline is partly attributed to a broader pullback observed in cryptocurrencies excluding Bitcoin and Ethereum. Altcoins, including major memecoins, are expected to continue underperforming if Total3 fails to surpass $600 billion. Decreased memecoin transactions and leveraged positions liquidations have also added to market volatility and negative price impacts." } ] ```
Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) are currently showing a lackluster performance in the cryptocurrency market, possibly signaling a shift in focus towards major players like Bitcoin (BTC) and Ethereum (ETH).
As of June 18, data from CoinMarketCap indicates that memecoins’ total market capitalization has dipped by 11% to $45.31 billion within a 24-hour period. Despite this decline, the trading volume surged by 79% to $6.25 billion, showcasing heightened selling pressure.
Among the top-cap memecoins, Dogwifhat (WIF) experienced the most significant drop, shedding 14.55% of its market value over 24 hours. Following closely were Book of Meme (BOME) with a loss of 14.3% and Brett (BRETT) at a 13% decline during the same timeframe.
Leading memecoins DOGE and SHIB witnessed drops of 11.4% and 11.5%, respectively, on the daily chart, while PEPE faced a 10% decrease.
The recent downturn in memecoin values can be attributed to a pullback observed in Total3 — reflecting the total market cap of all cryptocurrencies excluding BTC and ETH. This correction led to a decline in Total3 from $720 billion on June 5 to $582.88 billion currently.
Technically speaking, altcoins remain ensnared in a continued downtrend as evidenced by Total3’s movement within a descending parallel channel. The decrease in RSI value over two weeks from 62 to 30 suggests bearish dominance in the market sentiment.
Should Total3 fail to surpass the middle boundary of the declining channel at $600 billion, it is likely that altcoins, including major memecoins, may continue underperforming over the coming days.
Moreover, recent trends show a notable decrease in memecoin transactions across various blockchains since early March. Data indicates that traders’ interest and confidence have dwindled as trading volumes plummeted significantly over recent months.
Overall, additional factors such as leveraged positions liquidations amounting to hundreds of millions within just one day have contributed to the market’s volatility and impacted memecoin prices negatively.
This challenging landscape underscores the importance for investors to conduct thorough research before making any financial decisions or investments in cryptocurrencies or related assets due to their inherent risks involved.
Original article posted by Fox News
