Briefly –
- The meme market experiences unprecedented selling pressure at the moment.
- According to FTX and Trading View, Dogecoin has its prices dropping by 35.3% as of this time in July.
The meme cryptocurrencies saw a decreased performance in June than May. This month, most meme asset posts negative price gains. Dogecoin, the leading meme crypto by market cap, remains 35.3% down in July. The coin has a higher chance to close this month with losses again.
Keep in mind that retail traders and investors exit the crypto space as they seek risk-free alternatives. Multiple financial experts have criticized Dogecoin due to its volatile nature, fluctuating drastically even with a single tweet. Also, the current meme crypto market seems saturated with multiple pointless theme coins.
For instance, Dogecoin’s marvel by Elon Musk caused the launch of the multiple meme coins. That includes the Shiba Inu token, the DOGE-imitator. The asset increased user interest. Moreover, the GameStock stock mania early in January 2021 fuelled the frenzy.
Crypto developers didn’t stop there. ELON (Dogelon mars) and DOGGY (doggy) tokens joined the market after a while. Also, the crypto space saw CUMMIES (CUMROCKET), an asset that runs an NFT market for the adult content sector. Also, LOWB (Loser coin), a currency that represents the self-deprecating Chinese culture.
According to Hong Kong Amber Group partner Annabelle Huang, the meme crypto vogue ended a while ago, overtaken by the cryptocurrency mining ban and the China crypto migration.
For now, the meme market seems to have massive pressure, indicating reduced retail investors. Meanwhile, China’s crypto regulation affected the meme coins too. Keep in mind that alternative assets tend to trade according to Bitcoin fluctuations.
SynFutures DEX CEO Rachel Lin said China’s crypto attack repelled most individuals from the crypto space. Moreover, the further regulations rumors make interested investors skeptical about meme crypto coins.
With such market conditions, retail investors seem to lose interest as far as meme tokens are concerned. Regardless of the plunging prices, meme assets have witnessed massive traction in the crypto atmosphere.
Do you think that meme assets will come to life again? Share your opinions below.
