Your day-ahead look for July 24, 2026
By Omkar Godbole|Edited by Sheldon Reback Jul 24, 2026, 11:35 a.m. 3 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on The popularity of memecoins has declined as institutional investments rise in crypto. (Josh Wise)SummaryShowThis is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The cryptocurrency market is evolving with increased institutional involvement, leading to a downturn in the memecoin segment.
The total market cap of DOGE$0.06937 and shiba inu (SHIB), the two foremost memecoins, has dropped to $13.27 billion, marking a three-year low and a 2% decline this month, while bitcoin BTC$65,031.35 has appreciated by 10%.
When comparing the leading memecoins to bitcoin's market cap of $1.30 trillion, a clearer picture emerges.
The current ratio is merely 1.02%, the lowest ever recorded. This is a stark contrast to the height of the memecoin boom in 2021, when DOGE and SHIB together represented 7% of bitcoin's market cap. In simpler terms, for every dollar invested in bitcoin, seven cents were directed towards these joke tokens. Now, that proportion has dwindled to just over one cent.
Bitcoin has significantly increased in value since 2021, indicating that memecoins have not only depreciated in dollar terms, but have also lost their standing against the leading asset that shapes the crypto market's dynamics.
This shift highlights a broader transformation in capital allocation within the crypto space. The launch of spot bitcoin ETFs in the U.S. in 2024 has further institutionalized the market, attracting investors who show little interest in meme tokens but are keen on bitcoin as a macro asset. Additionally, capital has been redirected towards other emerging sectors tied to traditional finance, such as real-world assets.
Investment that once flowed into speculative memecoins is now consolidating into bitcoin and other significant market segments. Coupled with rising global interest rates, this suggests that the period of easy profits through memecoins is over.
Regarding short-term market dynamics, options market positioning indicates a positive sentiment among traders, with expectations for bitcoin prices to reach at least $72,000. Stay vigilant!
For insights into today's altcoin and derivatives market activity, check out Crypto Markets Today. For a full schedule of events this week, see CoinDesk's "Crypto Week Ahead."
What’s trending
- Trump considering a ‘massive attack’ on Iran as Tehran labels UK ‘accomplice’ to America (CNBC): U.S. President Donald Trump stated he will soon make a decision on whether to initiate a "massive" and "unprecedented" attack on Iran following the conflict's escalation to the Red Sea.
- Clarity Act expected to miss its window before Congress' summer break, leadership says (CoinDesk): Negotiators from the industry and Congress working on the Clarity Act had aimed for an August 7 completion and passage this year, but this now appears unlikely, according to Senate Majority Leader John Thune.
- Global bonds are reeling as oil surge renews inflation threat (Bloomberg): The rise in energy prices is impacting global bonds, with U.K. gilt yields experiencing their longest stretch of daily closes above 5% in nearly two decades, while Germany’s 10-year yield reached its highest level since 2011, Japan’s 40-year yield rose by 10%, and its 5-year yield is at its highest since 2000. The U.S. 30-year yield is just below its peak since 2007.
Today’s signal
Combined market cap of DOGE and SHIB. (TradingView)The chart illustrates the total market value of DOGE and SHIB.
Their combined valuation has fallen to $13.3 billion, the lowest since September 2023. The duo has decreased by 2.3% in July alone, despite bitcoin's gains, highlighting how these once-popular trades have lost their appeal.
Crypto Daybook AmericasRelated AssetsDogecoin$0.0693.98%Bitcoin$65,031.350.75%Latest Crypto News- 1EU hits Russia with massive 21st sanctions package targeting $120B crypto network3 minutes ago
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets have shifted since June, with Binance maintaining a share (~55% user funds, ~24% spot) and attracting net inflows in early July, while the broader market has seen outflows.
By CoinDesk ResearchJul 22, 2026Markets have shifted since June, with Binance maintaining a share (~55% user funds, ~24% spot) and attracting net inflows in early July, while the broader market has seen outflows.
Why it matters:
Markets have shifted since June, with Binance maintaining a share (~55% user funds, ~24% spot) and attracting net inflows in early July, while the broader market has seen outflows.
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