Memecoin dominance in alt markets is declining: Are traders shifting their focus to fundamentals?
The dominance of memecoins in the altcoin market has significantly declined since April, with analysts suggesting a shift from speculative trading to focusing on fundamentals. Despite this trend, memecoin liquidity has doubled since the start of the year, reaching an all-time high of $128 million in early June. This surge in liquidity, even amid declining dominance, indicates a complex market sentiment shift. Data from on-chain analytics firm CryptoQuant shows that memecoins in the altcoin market are facing a steady decline. Ki Young Ju , the founder and CEO of CryptoQuant , highlighted on X (formerly Twitter) the marked decrease in memecoin dominance from September 2022 to May 2024. Picks for you Opportunity? Gold/silver ratio to bottom in, fuelling gold upwards 2 hours ago ...