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Prior to now few days, the cryptocurrency market witnessed a pointy decline. Meme cash like Shiba Inu and Dogecoin have dropped by double digits and this pattern has continued. The market capitalization of all meme cash fell by 1% from yesterday to succeed in $49 billion, at press time. Across the similar time, CryptoQuant knowledge reveals that over the previous 60 days, the dominance of the cash has fallen sharply.
Ki Younger Ju, the CEO of CryptoQuant famous that the cash have been observing a major change within the altcoin market. The latest downturn was brought on by traders turning their consideration from playing to fundamentals. He said,
“Meme coin dominance in alt markets is declining. CT can be shifting from playing to specializing in fundamentals, comparable to some years in the past. Pack it up lads, it’s over.”
Property like Shiba Inu have been dipping by 5.2% all through the previous 24 hours. At press time, Shiba Inu was buying and selling at $0.00001799 whereas Dogecoin was priced at $0.1246 following a 2.9% dip. dogwifhat [WIF] noticed a decline of twenty-two% over the previous week. Most property within the meme coin market endured an analogous destiny.
Also Read: Meme Coins Like Shiba Inu, Dogecoin ‘Cornerstone’ of Crypto Economy
Meme Coin Liquidity Stays Excessive
A report by Kaiko stated that the liquidity within the meme coin market has doubled for the reason that starting of the yr. Utilizing the 1% market depth indicator, Kaiko researchers concluded that the liquid of the market peaked in early June at $128 million after which skilled a minor decline.
The report read,
“Regardless of the current market correction, meme tokens proceed to be among the many greatest performers this yr, outperforming Bitcoin and different altcoins. Meme tokens liquidity, as measured by the 1% market depth, has additionally surged, doubling for the reason that begin of the yr. It reached an all-time excessive of $128 million in early June earlier than retreating barely.”
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