In the last 24 hours, the price of the main memecoins, contrary to the crypto market trend, has risen.
It almost seems as if the capital fleeing from Bitcoin and other major cryptocurrencies in the crypto markets has poured into DOGE, SHIB, and other memecoins.
Summary
The decline of the crypto market and the rebound of the memecoin price
According to the data from TradingView, from Sunday to today the overall market capitalization of cryptocurrencies has dropped by 4%, from almost 2.3 trillion dollars to just over 2.2 trillion.
During the night, however, it had pushed even lower, touching a -7.5% since Sunday, and dropping just above 2.140 billion dollars.
The price of Bitcoin has dropped from $64,300 to about $61,000, but during the night it also fell below $59,000 for a brief moment. It is losing 5% compared to the end of last week.
Something similar happened also to the price of Ethereum, which fell from $3,500 to less than $3,380, or a -4% in the last 48 hours.
Although it is not a true and proper collapse, this decline has nevertheless affected a good part of the cryptocurrencies.
However, according to the TradingView data, Bitcoin’s dominance has also decreased. Yesterday, before the start of the strong decline, it was around 55.5%, while now it has dropped to 54.6%. Last night, for a brief moment, it even fell below 54.3%.
This is still a decidedly high level, considering that at the beginning of the month it was just above 54%, but the drop in dominance last night is at least curious.
The altcoin
That this decline has mainly affected the major cryptocurrencies is well highlighted by the so-called TOTAL3, which is the total market capitalization of the crypto market according to TradingView, but excluding Bitcoin, Ethereum, and the main stablecoins (USDT, USDC, etc.).
On Sunday, the TOTAL3 fluctuated between 595 and 600 billion dollars (Bitcoin alone capitalizes more than 1.200 billion dollars), while yesterday it had dropped to 570 billion.
However, during the course of last evening and last night, it marked a true rebound, which brought it back close to 600 billion dollars, that is, in line with Sunday’s figure.
In other words, if we exclude Bitcoin and Ethereum, the other cryptocurrencies on average have already recovered all of yesterday’s losses.
Although the dominance of Bitcoin remains high, this latest dynamic shows that the capital fleeing from BTC and ETH likely stayed in the crypto markets yesterday and simply moved to other coins.
The price performance of the main memecoins on the crypto market
In light of this, it is not surprising that the two main memecoins, DOGE of Dogecoin and SHIB of Shiba Inu, are recording respectively +5% and +3% compared to yesterday.
To tell the truth, it is not only the memecoin that are gaining compared to yesterday, but their rebound appears at least curious at this moment.
In fact, taking into consideration all the top 100 cryptocurrencies in the world, there are two among the top three for highest daily gains that are memecoins: WIF (dogwifhat) with +20% and BONK with +17%. Moreover, in both cases, these are tokens on the Solana blockchain.
A little further back there is another well-known memecoin, PEPE, with +11%, followed by FLOKI with +10%.
So today the memecoin sector is absolutely among the various sectors of the crypto market that is performing the best. Paradoxically, the two main memecoins, DOGE and SHIB, are not even among those that are performing the best.
It should be noted, however, that these are only the performances of the last 24 hours, because it is enough to go back slightly further in time to understand that these are not stellar performances.
Dogecoin, Shiba Inu and the others
For example, the price of DOGE on Sunday was around $0.125, while now it is $0.123. So today it is performing well, but yesterday it had not performed as well.
SHIB is even showing a sharp decline compared to two days ago, with a cumulative loss of 4.5%. In this case, yesterday’s decline had extended to -10%, so today it has done nothing but bounce back without even recovering all the losses.
Moreover, Dogecoin is at -26% compared to a month ago, and Shiba Inu at -30%.
A similar argument can also be made for the other four memecoins that are performing well today.
WIF is at -36% compared to a month ago, and also at -7% compared to a week ago. Today’s +20% did nothing but recover yesterday’s losses.
BONK is at -37% compared to a month ago, although in the last seven days it has recovered a good +9%.
PEPE is at -26% compared to a month ago, despite an excellent +13% in the last seven days, while FLOKI is at -25% compared to thirty days ago.
To find memecoin that are performing positively in the last four weeks, you need to look for some minor tokens, such as BRETT (which capitalizes only one and a half billion dollars).
Practically all six of the main memecoins existing in the world at this moment are losing about 30% compared to a month ago, despite having recovered between 3% and 20% in the last 24 hours.
