Memecoins Market Cap Decline as Bitcoin Dominates
Memecoins recorded a 2.4% drop in market cap today on CoinGecko. This was a result of several tokens seeing decline in value even though the major cap coins performed well. It highlights Bitcoin dominance in the market.
Uno…
Memecoins investors were not laughing today, and the sector saw a slight decline in its market cap despite the general market trend.
Per CoinGecko data, the market cap for the sector dropped by 2.4% to $22.5 billion in the last 24 hours. However, CoinMarketCap data shows that there is a 1.23% increase.
This disparity is likely due to the difference in the number of memecoins listed on both platforms. But it highlights how the value of meme tokens has fluctuated over the past few weeks.
The sideways movement for most memecoins despite the current bull run is a sign of how different the current market is. Unlike other bull runs, retail interest in crypto is relatively low, which means lower memecoin investments.
Instead, Bitcoin has been the dominant asset, not just in market cap and trading volume, but also in conversations and headlines.
Ups and Downs Among Major Memecoins
Today’s decline in meme tokens market cap happened despite the positive performance of several major cap memecoins. While the general memecoin market might be struggling, the top memecoins had a fairly good day.
DOGE rose by 0.5% in the last 24 hours while Shiba Inu is equally up 1.3%. Other top performers include CorgAI with an 11.5% increase, PEPE gaining 6.6%, MAGA increasing by 9%, and MEME by 8.3%.
Other lesser-known memecoins also performed great. A notable one was the NVDA token on Solana, which gained more than 200% in just two hours before crashing.
According to Lookonchain, one trader turned 0.5 SOL worth $51 into 106 SOL worth $10.8k by buying NVDA.
However, the quick sell-off by the trader caused it to drop 71% in the last 24 hours. There are also speculations that the trader might have been the developer.
Meanwhile, there are also notable misses among memecoins . Leading that category is the Solana-based token Dogwifhat. WIF is down 9.7% today, taking its total decline for the last seven days to 22%.
BabyDogeCoin also dropped 1%, while the once-trending PORK is down 14%. Avalanche-based Coq Inu also fell 1.2% today, almost 20% down from its price last week.
Bitcoin Dominates Market
By all indications, 2024 has been the year of Bitcoin. Although few altcoins and memecoins have had a good performance, none has been able to sustain it like Bitcoin.
The asset has dominated the headlines since the start of the year thanks to anticipation and eventual approval of the spot Bitcoin exchange-traded fund.
That trend is set to continue, given its recent performance and Bitcoin ETFs net flow. The upcoming halving could also be a further boost to Bitcoin price.
