The meme coin sector has seen a significant downturn, with its market cap shrinking by around 5% in the past 24 hours.
Despite the downturn, the upcoming Bitcoin halving may trigger a rally, offering a potential rebound for meme coins due to their volatility and tendency to follow BTC’s price trends.The situation in the meme coin sector is even more adverse, with its market cap losing around 5% in the past 24 hours and currently equaling around $47 billion. The leading assets of that type – Dogecoin and Shiba Inu are down 27% and 22% on a weekly scale, respectively.
The few exceptions that have not plunged so substantially in the last seven days are the Solana-based meme coins – Slerf and Cat in a Dogs World .a 100% daily price spike, while its market capitalization briefly exceeded the $500 million mark. The rally happened shortly after the leading crypto exchange OKXWhile the current negative trends may discourage some traders, they should keep in mind that the meme coin sector is highly volatile and could experience a fresh resurgence in the near future.
The halving has been followed by a massive bull run for the primary cryptocurrency and the entire market in the previous years, with many analysts expecting the same scenario in the coming months. This could result in a rally for numerous altcoins and meme coins since they often follow the price trajectory of BTC.AI Will be One of those Areas Where Blockchain has Genuinely Improved: Flare Network’s CEO Hugo Philion One Weekly Email Can Change Your Crypto Life.