Institutional Inflows Crush Meme Coins as Bitcoin Soars
The cryptocurrency market is undergoing a significant shift as institutional investors increasingly favor Bitcoin over meme coins. The combined market capitalization of Dogecoin (DOGE) and Shiba Inu (SHIB) has fallen to its lowest point in three years, dropping to $13.27 billion or approximately 19.4 trillion won.
This marks a stark contrast to the market's leading sector, Bitcoin, whose market cap has surged to over $1.3 trillion or around 1,898.8 trillion won. The two tokens have dropped roughly 2.3% this month alone, while Bitcoin has risen by 10%, creating a significant gap in their respective market values.
The massive influx of institutional investors is cited as the core driver of this change, with CoinDesk noting that 'Gone are the days when 7 cents of every dollar invested in Bitcoin chased internet joke tokens. Today, that figure barely exceeds a single cent.'