Dog-themed meme coins traded sideways this week as losses eventually canceled out previous gains. The wider crypto market also moved in a similar direction with price fluctuations after the initial rebound at the start of the week. The market capitalization still hovers around $2.26 trillion as bulls look for the next market direction.
Meme coins recorded inflows this week increasing the market cap to $49.6 billion. However, the last 24 hours wiped out slight gains seen but some classes of meme tokens have moved in a different direction. High-capped dog-themed meme coins and Solana tokens gained traction based on how assets traded.
Dog-themed Meme Coins Cancel Gains
The previous week saw a sharp decline in the asset class as Dogecoin (DOGE) and Shiba Inu (SHIB) traded negatively. The market cap is up 0.1% to $35.2 billion while daily trading volumes are over $2 billion. In the last 24 hours, assets like Dogo Token, DogWifNoHat, and DogeVerse have led gains. Dogo Token soared a massive 790% increasing weekly figures to 2970%.
DogWifNoHat and DogeVerse tapped 46% and 43% gains in the same window. While these were the biggest gainers, top assets saw exits from the market. DOGE exchanges hands at $0.1237 posting 1.1% outflows today while weekly numbers dropped by 0.8%. On the other hand, SHIB had increased exits with 2.4% outflows today a weekly 4%.
Dogwifhat (WIF) flipped weekly losses to the green zone after bulls picked up the pace in mid-week trading to notch 7% gains.
Solana Meme Coins Rally
Unlike other categories, Solana meme coins surged this week on the back of SOL’s trading activity. Solana tokens are up 4.6% today with bulls setting sights on more gains. Recent upticks come following spot ETF applications in the United States. Top gainers include Kamala Horris and MAGA PEPE which picked up 77% and 22.2% inflows. However, larger assets like dogwifhat, BONK, and BOME fell 7%, 4.6%, and 8.2% respectively.
Also Read: Crypto Airdrops To Watch Out For in July
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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
