Over the last couple of days, cryptocurrency prices have seen a dramatic drop. Memecoins like Shiba Inu, Dogecoin and others have seen double-digit drops and the trend continues. At the time of publication, all meme coin market cap fell 1% from yesterday. CryptoQuant’s data also shows that the dominance has dropped sharply over the last 60 days.
Ki Young Ju the CEO of CryptoQuant stated that altcoins were witnessing a major change. Investors have turned their focus from gambling towards fundamentals, causing the most recent decline. The most recent downturn was caused by investors turning their attention from gambling to fundamentals. said,
“Meme coin dominance in alt markets is declining. CT would be shifting from gambling to focusing on fundamentals, similar to a few years ago. Pack it up lads, it’s over.”
Shiba Inu was down by 5.2% in the last 24 hour. Shiba Inu, which was traded at $0.0001799 during the press time period, was down 2.9% while Dogecoin dropped to $0.1246. Dogwifhat [WIF] Over the past seven days, meme coin prices have dropped by 22%. All assets within the meme coin marketplace suffered similar losses.
Also Read: Meme Coins Like Shiba Inu, Dogecoin ‘Cornerstone’ of Crypto Economy
Meme Coin Liquidity is still high
Kaiko reported that since the start the year, the amount of liquidity on the meme coin markets has more than doubled. Kaiko’s researchers used the 1% indicator to determine that market liquidity peaked at $128m in early June and experienced a slight decline.
This report was published by the United States Department of State. read,
“Despite the recent market correction, meme tokens continue to be among the best performers this year, outperforming Bitcoin and other altcoins. Meme tokens liquidity, as measured by the 1% market depth, has also surged, doubling since the start of the year. It reached an all-time high of $128 million in early June before retreating slightly.”
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Source: watcher.guru