Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.Data from CoinGecko shows that the total market capitalization of memecoins has dropped in the last 24 hours, falling 2.7% to $55.48 billion.
Its rival, SHIB, was also correcting on May 6, down 2.4% on the day, decreasing its market cap to $14.29 billion, cementing its position as the second most popular memecoin.From a historical perspective, the bull market is usually driven by a rally in altcoins. However, in line with the current correction of memecoin prices, TOTAL3 - the total market cap of all cryptocurrencies excluding Bitcoin and Ether - has experienced a pullback after its rally that began in October 2023.
If TOTAL3 fails to rise above the upper boundary of the declining channel at $660 billion, altcoins, including major memecoins, could continue correcting over the next few weeks.Data from Dune reveals that memecoin transaction flows across all blockchains, including Ethereum and Solana, have dropped collectively by 81% from its recent top of roughly $998.55 million in March to $191.88 million the week ending May 3.
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