- The market capitalization of memecoins has fallen over the past 24 hours.
- These assets have grown by double digits despite the decline in market capitalization.
This week, memecoins have experienced notable fluctuations in value, despite a drop in market capitalization over the past 24 hours.
Over the past seven days, several memecoins have seen an increase in value, with the ongoing rivalry between dog- and cat-themed memecoins drawing particular attention.
The market capitalization of Memecoins is falling
According to data from Coin geckothere has been a decline of more than 6% in the past 24 hours, bringing the market capitalization to $54.6 billion.
The analysis showed that the two most important assets, Dogecoin [DOGE] and Shiba Inu [SHIB]both dog-themed memecoins had a combined market cap of over $29 billion.
Tits figure represented more than half the value of the entire memecoin market, underscoring the significant dominance of these two cryptocurrencies within this playful but volatile segment of the digital currency market.
How dog-themed meme coins did it
AMBCrypto’s analysis of the memecoin market showed that Dogecoin maintained its lead with a market capitalization of over $19.4 billion. Over the past week, the value of Dogecoin has increased by more than 10%.
At the time of writing, the stock was trading at around $0.13, despite a slight decline of over 2% in the last 24 hours.
Meanwhile, dogwifhat is the standout performer in the dog-themed memecoin category [WIF]which has seen a remarkable 20% increase in value over the past seven days.
Like Dogecoin, dogwifhat has also experienced a decline over the past 24 hours and is currently trading around $2.61, down more than 3%.
Source: TradingView
How cat-themed meme coins became popular
Popkat [POPCAT] led the cat-themed memecoin sector at the time of writing, with a market cap of over $774 million. The week started solidly, marked by double-digit gains, but momentum has waned.
Over the past seven days, Popcat has seen a 1.8% decline in value. At the time of writing, the stock was trading around $0.79, having dropped significantly over 8% in the last 24 hours.
Meanwhile, a cat in a dog’s world [MEW] has become the standout performer among cat-themed items.
Over the past seven days, MEW’s value has skyrocketed by a whopping 89%, making it the highest gainer among the top ten assets in its category.
Source: TradingView
At the time of writing, MEW was trading at around $0.0073, with continued upside of over 3%. The market capitalization had grown significantly, to over $649 million.