$BTC

Memecoin market tumbles as capital rotates to Bitcoin dominance

The meme coin market fell sharply on Monday, shedding 4.8% in market capitalization to settle at $49.25 billion, according to data compiled from CoinGecko. The sell-off coincided with increased volatility across broader crypto markets while investors rotated funds into Bitcoin briefly tested the $85,000, as positive sentiment triggers from the US inflation report subsided. 

The decline in meme coins reflects a flight from low-liquidity tokens as investors positioned themselves defensively as markets await the next upward catalyst, as the trade war between US and China rages on.