The memecoin market plummeted 18% in the last 24 hours following liquidations from wider crypto assets. The volatility in digital assets continues to cause sell-offs as macroeconomic factors make investors cautious of market trends.
Memecoins posted sharp outflows of top assets shedding up to 17% leading to losses in the market. While losses have wiped out monthly gains significantly, some users see light at the end of the tunnel with the upcoming Bitcoin halving.
Memecoins Lows Overshadow Past Gains
Market leader Dogecoin (DOGE) is down 14.5% in the last 24 hours pushing weekly outflows to 11.2%. Daily corrections place the asset’s monthly movements in the red zone wiping off previous gains. Shiba Inu (SHIB) is down 3.1% today 14.9%, extending weekly losses to over 15% with a daily volume of $1.2 billion.
PEPE and dogwifhat have recorded 23% losses in the same time frame with PEPE’s monthly liquidations at a whopping 46.1%. This spells a bearish trend in the market in contrast
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