Memecoins remain down in the market as investors’ sentiment dwindled due to macroeconomic factors a few days after the Bitcoin halving. Generally, the crypto market sell-off has taken a toll on assets decentralized finance numbers, and memecoin.
This year, the memecoin frenzy pushed tokens over the roof with a wider rally from the community. This was spurred by the approval and inflow of funds to Bitcoin ETFs that led to all-time highs for the asset. Traders looked towards the halving for more gains as memecoins often bounced with the general market sentiment.
With the halving two days away and reduced consistent outflows from crypto assets, memecoins continue to lose ground.
Memecoins Record Outflows
Dogecoin (DOGE) is down 5% in the last 24 hours and 25% this week. The memecoin giant also records plummeting trading volumes as market sentiment shifts. Dogecoin’s 24-hour trading volume stands at $2.26 billion with a market capitalization of $21 billion.
At press time, the as
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