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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