Meme coin dominance in altcoin market shrinks, DOGE, SHIB, PEPE, WIF, FLOKI on the verge of correction?

Meme coin dominance in major altcoin markets has been declining for the past two months, per CryptoQuant data. Analyst notes bearish sentiment on meme coins and shares long-term bullish stance on Bitcoin.

and FLOKI posted gains in the past 24 hours, while seven-day returns are largely negative. Meme tokens Dogecoin , Shiba Inu , Pepe , Dogwifhat , and Floki have climbed in the past 24 hours. The seven-day returns on these assets remain negative amidst the shrinking dominance of the sector. Data from crypto intelligence tracker CryptoQuant shows that meme coin dominance has been in a state of decline for the past two months.

, and FLOKI have added value in the past 24 hours, per CoinGecko data, these assets have noted double-digit losses in the past seven days. It is likely that the declining dominance of meme coins result in reduced on-chain activity and the tokens lose relevance among traders.

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