- Dogecoin, Shiba Inu, Pepe, Dogwifhat, and Bonk prolong losses following Bitcoin’s drop to round $58,000.
- Meme coins have noticed a decline in on-chain exercise.
- Meme coin market capitalization shrinks to $40 billion on Monday.
Meme coins erased 6% of their market capitalization within the final 24 hours, right down to $40 billion per CoinGecko knowledge. The shrinking market capitalization displays the “worry” amongst crypto traders.
Different.me’s Crypto worry and greed index reads 25 on Monday, signaling “excessive worry” amongst traders. Two market movers are seemingly driving the altering sentiment, alongside macro factors this week.
Crypto worry and greed index
Meme coins prolong losses on Monday
The highest five meme coins ranked by market capitalization embody Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Dogwifhat (WIF) and Bonk (BONK). These five tokens erased between 6% and 9% of their worth within the final 24 hours, per CoinGecko knowledge.
Meme coin value change
Meme coins are the main narrative within the ongoing market cycle, which has been termed as the “meme coin supercycle. The sector outperformed others consecutively within the first two quarters of 2024.
Meme coin launchpads like Pump.enjoyable and Moonshot have recorded a lot of launches as the asset class positive factors recognition.
Knowledge from Dune Analytics exhibits solely 0.12% of the meme coin launches on Pump.enjoyable made it previous $60,000 in market capitalization (within the final 24 hours) and an inventory to the decentralized change Raydium. The alarming numbers present the state of meme coins and investments within the class.
1.4% of Pump.enjoyable’s 1.58 million meme coins which have been listed on the DEX since its inception had been listed on a DEX. Practically 99% of the initiatives failed or ended up in a “pump and dump” scheme. The chart below exhibits the variety of initiatives launched and the profitable ones (that had been listed on an change.)
Profitable launch and coins launched per day
Declining on-chain exercise indicators traders’ lack of curiosity
Santiment knowledge exhibits that energetic addresses within the 24 hour timeframe declined in prime meme coins. A drop in on-chain exercise is an indication of a lack of curiosity from market contributors. This may be attributed to final week’s crypto crash, the drop in Bitcoin’s value below $60,000, and an total decline in capital influx to the meme coin class.
Energetic addresses 24-hour for SHIB, DOGE, and PEPE
On the time of writing, the sentiment amongst crypto traders is that of “excessive worry”, and Bitcoin ranges below $60,000. On Monday, BTC trades at $58,883, DOGE trades at $0.1038, SHIB at $0.00001376, PEPE at $0.00000817, WIF at $1.730 and BONK at $0.00001967.