In the last 24 hours the price of the main memecoins, in contrast to the crypto market, has risen.
It almost seems as if the capital fleeing from Bitcoin and the other main cryptocurrencies on the crypto markets has flowed into DOGE, SHIB and other memecoins.
The decline of the crypto market and the rebound in the price of memecoins
According to TradingView data, from Sunday to today the overall market capitalization of cryptocurrencies fell by 4%, from almost 2,300 billion dollars to just over 2,200.
Over the course of the night, however, it had gone even lower, to the point of touching -7.5% since Sunday, and falling just above 2,140 billion dollars.
The price of Bitcoin fell from $64,300 to around $61,000, but also briefly dipped below $59,000 overnight. It is losing 5% compared to the end of last week.
Something similar also happened to the price of Ethereum, which fell from $3,500 to less than $3,380, i.e. -4% in the last 48 hours.
Although this is not a real collapse, this decline still affected a large part of cryptocurrencies.
However, again according to TradingView data, Bitcoin’s dominance has also fallen. Yesterday, before the sharp decline began, it was around 55.5%, while now it has fallen to 54.6%. Tonight it even briefly fell below 54.3%.
This is still a decidedly high level, given that at the beginning of the month it was just above 54%, but tonight’s decline in dominance is curious to say the least.
Altcoins
That this decline has mainly affected the main cryptocurrencies is well highlighted by the so-called TOTAL3, i.e. the overall capitalization of the crypto market according to TradingView, but with the exclusion of 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 dropped to 570 billion.
However, during yesterday evening, and tonight, it recorded a real rebound, which brought it back close to 600 billion dollars, i.e. 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 Bitcoin’s dominance remains high, this latest dynamic demonstrates that the capital fleeing BTC and ETH probably remained in the crypto markets yesterday, and simply moved to other coins.
The price performances of the main memecoins on the crypto market
In light of this, it is not too surprising that the two main memecoins, DOGE of Dogecoin and SHIB of Shiba Inu, are recording +5% and +3% respectively compared to yesterday.
To tell the truth, it is not just the memecoins that are gaining compared to yesterday, but their rebound appears at least curious at the moment.
Indeed, taking into consideration all the 100 main cryptocurrencies in the world, there are two among the top three for highest daily earnings which are memecoins: WIF (dogwifhat) with +20% and BONK with +17%. Furthermore, in both cases these are tokens on the Solana blockchain.
A little further behind is another well-known memecoin, PEPE, with +11%, followed by FLOKI with +10%.
So today the memecoin sector is by far the one that is performing best among the various sectors of the crypto market. Paradoxically, the two main memecoins, DOGE and SHIB, are not even among those that are performing best.
However, it should be underlined 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 at $0.123. So today she is performing well, but yesterday she didn’t perform as well.
SHIB even appears to be in sharp decline compared to two days ago, with a cumulative loss of 4.5%. In this case yesterday’s decline had extended up to -10%, so today it did nothing but rebound without even recovering all the losses.
Furthermore, 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 -36% compared to a month ago, and also -7% compared to a week ago. Today’s +20% served no purpose other than to recover yesterday’s losses.
BONK is -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 memecoins that are performing positively in the last four weeks you need to go and get some smaller 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 the moment are losing around 30% compared to a month ago, despite having recovered between 3% and 20% in the last 24 hours.
