Another round of outflows was seen in Dogecoin (DOGE), with minor indications of a market recovery. However, the meme coin market saw a 5% gain.
Dogecoin is experiencing losses that exceed those of numerous meme currencies as the price of top crypto assets continues to decline. Meme coins experienced losses last week, with their market capitalization plummeting from nearly $70 billion during the previous bull run to below $50 billion. Despite the positive momentum that crypto assets experienced at the beginning of the week, mid-week trading has reversed volumes.
Today, meme coins have experienced a 5.1% increase in value, with a total market capitalization of $50.4 billion. Conversely, Dogecoin has experienced a 3.4% decline, which has resulted in a bearish outlook. The volume of DOGE, the leading meme coin, typically reflects the current state of market sentiments and prospective trends, which impacts the overall market. Â
Dogecoin Experiences Decline In Volatile Market
Dogecoin’s market capitalization has reached $17.9 billion due to recent outflows, contributing to a recent series of weekly losses. At the time of publication, DOGE is trading at $0.1239, below numerous resistance levels. The asset’s diminished bullish activity during this correction is a significant setback. As Bitcoin and other assets reached new highs, Dogecoin supporters anticipated a rise to $1; however, this likelihood has already diminished.
The market’s negative sentiment is also reflected in the daily volumes, as investors are edging away from riskier assets. The number of assets decreased by 38% to $531 million, a trend observed in numerous crypto assets. This month, DOGE experienced a 26% decline in value due to outflows.
The performance of Dogecoin is inferior to that of recently introduced meme currencies, which have experienced a slight increase in the past 24 hours. Zyncoin and Mongcoin are the market’s top gainers, with 44.2% and 40.1% gains, respectively.
More Cryptocurrency Decline
Top crypto assets, such as Dogecoin, have experienced losses that have resulted in extended liquidations. Bitcoin has experienced a 1.83% decline in the past 24 hours, trading at $60,735. Ethereum (ETH), a prominent altcoin, experienced a 0.55% decrease in value, trading at $3,393. BNB, Solana, and Ripple percentages were 0.67%, 0.89%, and 1.30%, respectively. Conversely, Tron, Avalanche, and Toncoin experienced inflows of 1.25%, 0.93%, and 3.65%, respectively.
