Over the past day, the total capitalization of meme tokens increased by 8.1%, outstripping the growth of the rest of the crypto market, which added 5%.
Capitalization of meme coins. Data: CoinGecko.PEPE demonstrated the largest increase in quotations in the category. During the week, the asset grew by almost 27%, reaching a new historical high at $0.000011.
The main meme tokens - DOGE, FLOKI and SHIB — also increased by 3.4%, 8.9% and 22.1%, respectively.
Dynamics of the largest meme tokens. Data: CoinGecko.The five largest meme coins account for approximately 77% of the sector's total capitalization of $56.4 billion.
Crypto trader DonAlt suggested that as long as the rest of the market remains stable, meme tokens may face significant losses.
I'm personally convinced it's over for memes, rest of the market might get out of this ok but I'm expecting memes to giga rug
GL if your portfolio is in the 10th iteration of a dog or a cat
"Personally, I am convinced that everything is over for memes, the rest of the market may get out of this situation, but I expect a giant drain in memes. Good luck if your portfolio is in the tenth version of a dog or cat," he said.
The founder of MN Trading, Michael van de Poppe, reviewed the broader altcoin market. In his opinion, drawdowns on the segment's market capitalization chart probably indicate reaching or approaching a local minimum.
Given the wicks on the #Altcoin market capitalization chart, it seems likely that the low is in or close.
The markets have been suffering a strong correction, through which it seems likely that this won't last from here and the reversal is on the horizon. pic.twitter.com/N7C2GAdtlv
"The markets have experienced a strong correction, so it is likely that it will not last long, and a reversal is just around the corner," the analyst added.
Earlier, Synthetix founder Kane Warwick called meme tokens a valuable tool for attracting traders to DEX.
Recall that in March, the founder and CEO of CryptoQuant, Ki Yun Joo, expressed concern about the boom in this direction of cryptocurrencies. According to the expert, such projects harm the industry.
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