May 27, 2024

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Meme coins are down 3% on the day, with the majority of the top 10 meme coins trading in the red.

What Happened: While Dogecoin DOGE/USD is trading 2% down in the past 24 hours, Shiba Inu SHIB/USD is up 0.2%.

Both meme coins have remained silent in activity on Wednesday. Daily active addresses for Dogecoin rose 8.8% over the past 24 hours.

Large transaction volume for both the meme coins could not spark interest and are down 25% in the past 24 hours.

The SHIB burn rate is down as well, while daily transactions dropped after nearing to $1 million yesterday.

Notably, both meme coins have a high correlation (0.8-0.9) with Bitcoin prices, which are down 1.8% in Wednesday trading.

Also Read: Dogecoin Millionaire Consoles Trader Who Lost $1M On PEPE Long: I Lost $3M Before Bro And Im Still Here

Why It Matters: Despite the meme coin lull, crypto traders and community experts maintain a long-term optimistic outlook, highlighting the strong interest and holding these coins have.

Crypto analysts expect these meme coins to peak in the upcoming months, as reflected by a 1.3% uptick in SHIBs open interest.

Pseudonymous digital asset consultant S4mmyEth took to X to point out that Dogecoin accounts for 6% of the Ethereum blockchain, while Dogwifhat represents 4% of Solana. The tweet adds, "At first glance, many could be calling for a 100x. All chains are memetic, but some are more memetic than others"

Lucie, the marketing lead of Shiba Inu, tweeted, "Were still on track for a super cycle."

What's Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzinga's upcomingFuture of Digital Assetsevent on Nov. 19.

Read Next: Anthony Scaramuccis Fund Will Not Touch Meme Coins But Vouches For Bitcoin, Ethereum, Solana

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