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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-sees-noticeable-decline-in-meme-coins/" data-wpel-link="internal">Cryptocurrency Market Sees Noticeable Decline in Meme Coins</a><br></p>
<p style="text-align: justify">The <a href="https://en.coin-turk.com/horizen-announces-strategic-partnership-with-web3-infrastructure-provider-ankr/" data-wpel-link="internal">cryptocurrency market</a> is experiencing a noticeable decline in meme coins. BTC and ETH are leading this trend. In the meme coin market, led by Dogecoin, Shiba Inu, and Pepe, a below-expectation performance was observed as of June 18, marking one of the most evident points of decline. According to <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a> provided by CoinMarketCap, meme coin volume dropped by 11% in the last 24 hours, falling to $45.31 billion. Despite this, daily trading volume increased by 79%, reaching $6.25 billion, indicating an effort to liquidate. So, why are meme coins falling?</p> 
<h2 style="text-align: justify" id="market-outlook-weakens">Market Outlook Weakens</h2> 
<p style="text-align: justify">Historical market trends show that bull markets generally start with Bitcoin and Ethereum and then affect altcoins. Considering the market correction, the Total3, which excludes BTC and ETH, rose to $720 billion on June 5 before pulling back.</p> 
<p style="text-align: justify">The chart below shows that Total3 has decreased by 19% since that date, falling to $582.88 billion at the time of publication. This pullback has led to the emergence of a descending parallel channel on the daily chart, as shown below.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363163" src="https://coin-turk.com/wp-content/uploads/2024/06/meme-coin-1-coin-turk-com.png" alt="" width="828" height="496"></p> 
<p style="text-align: justify">During this period, the daily relative strength index (RSI) fell below the overbought zone just before reaching 70, indicating that investors were taking profits as Ethereum-based meme coins, led by PEPE, were rising.</p> 
<p style="text-align: justify">An RSI value close to 70 means that altcoins are overvalued, leading to a trend reversal or a corrective pullback.</p> 
<p style="text-align: justify">The <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">technical analysis</a> above shows that the downtrend in altcoins continues, causing the Total3 indicator to continue moving downward within the descending parallel channel. The RSI value also showed a decline from 62 to 30 over a two-week period, which can be interpreted as intense bearish pressure.</p> 
<h2 style="text-align: justify" id="meme-coin-trading-volume-declines">Meme Coin Trading Volume Declines</h2> 
<p style="text-align: justify">In March, meme coins had completely taken over the market. However, a noticeable decline has been observed since then.</p> 
<p style="text-align: justify">According to data provided by Dune Analytics, meme coin transactions across all networks, including Ethereum and Solana, fell from a peak performance of $996.7 million in March to $30.35 million in the week ending June 14.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-363164" src="https://coin-turk.com/wp-content/uploads/2024/06/meme-coin-2-coin-turk-com.png" alt="" width="839" height="135"></p> 
<p style="text-align: justify">Specifically, when examining DOGE, which is at the top of the market, trading volume fell by 41% between April 17 and June 17. On the other hand, data for SHIB and PEPE showed declines of 68% and 34%, respectively.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/cryptocurrency-market-sees-noticeable-decline-in-meme-coins/" data-wpel-link="internal">Cryptocurrency Market Sees Noticeable Decline in Meme Coins</a></h5>

Cryptocurrency Market Sees Noticeable Decline in Meme Coins

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