Institutional Investors Abandon Memecoins for More Traditional Crypto Assets

Institutional investors are shifting their money out of memecoins and into other sectors, according to CoinDesk.

The combined market capitalization of Dogecoin (DOGE) and Shiba Inu (SHIB) has fallen to $13.27 billion, its lowest level in about three years.

This decline comes as Bitcoin's (BTC) market value rises, with a 10% increase over the past month.

The shift is attributed to the growing institutionalization of the cryptocurrency market, which has led to a decrease in speculative money flowing into memecoins.