In what is quite a disappointing display for the market, Dogecoin (DOGE) and the other top 5 meme coins were facing double-digit losses this weekend. Indeed, just 12 hours ago, the leading meme coins had fallen as much as 17% to end the July 4th weekend.
It seems as though the market is attempting a rebound that hasn’t quite taken hold. Two of the top five are still facing losses Monday. Dogwifhat (WIF) has dropped the most, falling more than 5% over the last 24 hours. Conversely, Bonk has made the most impressive turnaround, now gaining more than 10% over that time, according to CoinMarketCap.
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Meme Coin Faces Double-Digit Losses to Start the Week
The cryptocurrency market has been struggling over the last several months. That appears to have crescendoed for the altcoin sector as Dogecoin and the other top 5 meme coins were down double digits on Sunday. That had continued heading into Monday, with a slight correction taking place.
DOGE, the leading meme coin by market cap, had declined more than 10%, with Shiba Inu (SHIB) dropping 11% to end the weekend. Additionally, WIF and Bonk had dropped more than 15% and 10% respectively. The biggest losses were felt by Pepe, as they fell more than 17% in value around 12 hours ago.
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Dogecoin and SHIB have turned around at the start of the week, currently trading in the green. The latter is up more than 4%, with the former still facing questions regarding how it will perform in the coming weeks. Late last week, the leading meme coin saw total liquidation exceed $5 million.
Additionally, it has seen its open interest fall to its lowest levels in 2024. Today, that figure reached $2.51 billion. However, it has still fought to hold the crucial $0.10 level despite its fall of more than 24% over the last 30 days.