Memecoins are underperforming Bitcoin today, which could be a sign that traders will pay more attention to BTC’s post-halving recovery.
Memecoins like Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) are among the cryptocurrencies underperforming the market on May 6, highlighting a diversion from the momentum that drove the sector higher last week.
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.
Bonk (BONK) declined the most, losing 6% of its market value over the last 24 hours. Floki (FLOKI) followed with a 3.3% loss, and Memecoin (MEME) came in third after declining 3% over the same period.