Dogecoin, Shiba Inu, and the broader meme coin sector are seeing selloffs while investor sentiment in leading cryptocurrencies seems to be back.
By Wahid Pessarlay
Editor Julia Sakovich
Updated
2 mins read
Leading meme coins, Dogecoin DOGE $0.16 24h volatility: 2.7% Market cap: $23.23 B Vol. 24h: $840.36 M and Shiba Inu SHIB $0.000012 24h volatility: 1.5% Market cap: $7.00 B Vol. 24h: $134.46 M , face correction despite the increasingly positive sentiment in the broader crypto market.
DOGE declined 3.6% to $0.159. The leading meme coin has been moving along with the broader digital currency market over the past month, but it’s currently showing signs of decoupling.
SHIB witnessed a similar momentum. The second-largest meme coin dropped 2.5% to $0.000011 with a $7 billion market cap.
According to data from CoinMarketCap, the total meme coin sector’s value decreased by 2.1% to $46 billion with a daily trading volume of $4.64 billion at the reporting time.
Meme coins saw their market value reach an all-time high of $137 billion on Dec. 9, 2024. At this point, their market cap is down by 66% from its ATH.
One of the reasons that investors have been diving into less volatile assets could be the Mantra OM $0.83 24h volatility: 54.7% Market cap: $814.28 M Vol. 24h: $1.65 B collapse on April 14. The native token of the real-world asset (RWA) tokenization platform plunged by 90%, wiping over $5 billion from its market cap.
Last month, Elon Musk, the billionaire head of the US Department of Government Efficiency, stated that the government has no plans to use Dogecoin.
This strengthened the selloff around DOGE as some investors hoped the meme coin would get connected to the D.O.G.E agency.
The meme coin correction comes while the global crypto market capitalization increased by 0.9% to $2.7 trillion, according to CMC data.
Bitcoin BTC $84 979 24h volatility: 1.0% Market cap: $1.69 T Vol. 24h: $27.34 B gained 1% in the past 24 hours and is trading above $85,500 at the time of writing. Its market cap reached $1.7 trillion with a daily trading volume of $28.7 billion.
As the market regains bullish momentum, the US-based spot BTC exchange-traded funds finally recorded a net inflow of $1.5 million on April 14, according to data from SoSoValue.
The declining meme coin market cap and trading volume suggest that investor interest in speculative assets might be fading away.
To confirm this, CMC data shows that Bitcoin dominance reached a whopping 63% — a level last seen in January 2021.
However, this doesn’t necessarily mean that meme coins are dead, but that investors prefer stronger assets like Bitcoin as the financial markets wander in macro uncertainty.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.
