Altcoins Falter Amid Structural Woes, Memecoins' Sell-Off Extends

IconCryptoNewsTerminal Staff02 Aug, 2024

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Altcoins Falter Amid Structural Woes, Memecoins' Sell-Off Extends

Memecoins have seen their sell-off extend beyond Bitcoin (BTC) and Ether (ETH) as structural weakness plagues the altcoin market and trading volumes dwindle, according to a report by Cointelegraph. The total market cap of memecoins has now declined for 10 consecutive days, dropping from $54.7 billion on July 22 to roughly $24.9 billion — a significant 21.5% loss. Total altcoin market cap, excluding Bitcoin, has also been trending downwards. This weakness in the altcoin market highlights its reliance on positive market sentiment. As the crypto market as a whole faces headwinds, altcoins and memecoins, in particular, are bearing the brunt of the impact. The extended sell-off in memecoins underscores their speculative nature and vulnerability to market swings. As investors adopt a more cautious approach, altcoins and memecoins face continued uncertainty. The structural weaknesses within the altcoin market and declining trading volumes point to further potential downside for these assets.

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