Bittime - One of the sectors most affected by crypto price corrections is meme coins, crypto assets inspired by funny or viral things on the internet. In the last few days, the price of meme coin has fallen sharply.
As a result, many investors released their holdings, causing the overall crypto market capitalization to fall. Currently, the crypto market capitalization is below IDR 39,040 trillion (US$2.4 trillion).
Meanwhile, the market capitalization of meme coin itself shrank to IDR 8.14 trillion (US$49.9 billion) after touching IDR 11.15 trillion (US$68 billion) earlier this year.
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Popular Coin Memes in Early 2024
At the beginning of 2024, the crypto world was enlivened by the Solana coin meme fever. The price of this meme coin token soared to a record high.
The increasing interest of institutional investors in Bitcoin in the first quarter of 2024, marked by the approval of a Bitcoin ETF (Exchange Traded Fund), also pushed up the price of meme coin.
Also read: PEPE Breaks New ATH, Meme Coin Bullish!
However, keep in mind that the price of meme coins is very volatile and depends on market sentiment. When negative sentiment or macroeconomic factors dominate, investors tend to withdraw their funds from high-risk assets such as meme coins.
Meme Coin is Worse Than Other Altcoins
After surging drastically due to speculation and high volatility, meme coin has now experienced its deepest decline in the last seven days. Meme coin trading volume also fell to IDR 73.4 trillion (US$4.5 billion), and losses occurred on various meme coins that had previously skyrocketed.
According to the latest data from on-chain analysis company CryptoQuant, the dominance of meme coins in the altcoin market (crypto assets other than Bitcoin) is declining.
Also Read How to Buy Crypto:
Ki Young Ju, founder and CEO of CryptoQuant, stated via X (formerly Twitter) that investors' focus has now shifted from short-term speculation to crypto asset fundamentals.
Also read: GameStop Phenomenon & Its Impact on Memecoin Solana
"The dominance of meme coins in the altcoin market is declining. The crypto community seems to be starting to shift from speculation to focusing on fundamentals, similar to a few years ago. Time to move on, friends," wrote Ki Young Ju.
Even though he is pessimistic about meme coins, Ki Young Ju emphasized that he remains optimistic about Bitcoin. "Someone misunderstood my tweet. I am pessimistic about meme coins, not Bitcoin. I remain bullish (optimistic) about Bitcoin in the long term."
Meme Coin Performance This Week
The top meme coin experienced a double-digit price drop last week before experiencing a slight correction. Dogecoin (DOGE) plunged 15% in the last seven days, while Shiba Inu (SHIB) fell 17%.
More severe declines occurred in Dogwifhat (WIF), Floki Inu (FLOKI), and BONK, amounting to 23.6%, 21%, and 24.6% respectively. Meanwhile, the overall crypto market capitalization fell 4% today amid scant cash flow into new tokens.
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Conclusion
The meme coin price correction is a reminder for investors not to just focus on momentary popularity and trends. Studying the fundamentals of crypto assets before investing is very important, especially in the midst of fluctuating market conditions.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Meme Coin Dominance Plummets But Liquidity Increases
FLOKI Price Drops, What Happened to This Meme Coin?
5 Meme Coins That Have the Potential to Soar When Dogeverse Releases
Crypto Market Sluggish, Value of These 3 Meme Coins Skyrockets
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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