%20%5B20.27.33,%2020%20Jun,%202024%5D-638544944218164467.png "Meme coin dominance in altcoin market shrinks, DOGE, SHIB, PEPE, WIF, FLOKI on the verge of correction?")
Summary
- Meme coin dominance in major altcoin markets has been declining for the past two months, according to CryptoQuant data.
- Analyst notes bearish sentiment on meme coins but maintains a long-term bullish stance on Bitcoin.
- DOGE, SHIB, PEPE, WIF, and FLOKI have seen gains in the past 24 hours, but seven-day returns are mostly negative.
- Market participants are expecting a correction in meme coin prices due to declining dominance and on-chain activity.