Memecoins are underperforming the crypto market today, which could indicate that traders will pay more attention to BTC and ETH.
Memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are among the cryptocurrencies underperforming the market on June 18, highlighting a diversion from the momentum that drove the sector higher last week.
Data from CoinMarketCap shows that the total market capitalization of memecoins has dropped 11% to $45.31 billion in the last 24 hours. The daily trading volume has increased 79% to $6.25 billion, indicating the intensity of the sell-side pressure.
Dogwifhat (WIF) declined the most among the top-cap memecoins, losing 14.55% of its market value over the last 24 hours. Book of Meme (BOME) followed with a 14.3% loss, and Brett (BRETT) came in third after declining 13% over the same period.
