As popular cryptocurrency assets continue to decline, Dogecoin is reporting losses that are more significant than those of numerous meme coins. Meme coins suffered losses last week, with their market capitalization dropping from about $70 billion in the previous bull run to less than $50 billion. Cryptocurrency assets saw strong momentum at the beginning of the week, but midweek trading is reversing volumes.
With a $50.4 billion market capitalization, meme currencies are up 5.1% today, but Dogecoin fell 3.4% and gave rise to a gloomy prediction. As the most popular meme coin, DOGE affects the market as a whole, with volumes typically reflecting current feelings and anticipated future developments.
Dogecoin Descent In a volatile market
Dogecoin’s recent withdrawals have increased its weekly losses to $17.9 billion. As of this writing, DOGE is trading at $0.1239, below several resistance levels. The asset has suffered greatly from decreased bullish activity throughout this drop. As Bitcoin and other assets reached new highs, Dogecoin bulls predicted a surge above $1, but that likelihood is now lowered.
Daily volumes also demonstrate the negative market sentiment as investors steer clear of riskier assets. Figures dropped 38% to $531 million, a pattern seen in other cryptocurrency assets. DOGE saw 26% outflows this month, further dropping the stock’s price.
Dogecoin’s performance lags behind that of recently released meme currencies, which have increased little over the past day. Zyncoin and Mongcoin have experienced the most market gains, with 44.2% and 40.1%, respectively.
Greater Losses in Crypto
Top crypto assets have seen losses with prolonged liquidations, similar to Dogecoin. The bitcoin price is currently $60,735, down 1.83% from the previous day. The top altcoin, Ethereum (ETH), experienced withdrawals of 0.55%, closing at $3,393. BNB, Solana, and Ripple registered 0.67%, 0.89%, and 1.30% in that order. However, Tron, Avalanche, and Toncoin inflows were 1.25%, 0.93%, and 3.65%, respectively. Investors in cryptocurrencies are optimistic about a turnaround due to advantageous macro circumstances.
