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 Share this articleMake preferred on
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
The crypto market continues to mature with growing institutional participation, and memecoins are paying the price.
The combined market capitalization of DOGE$0.06936 and shiba inu (SHIB), the two largest memecoins by value, has fallen to $13.27 billion, the lowest in three years and down about 2% this month alone, even though market leader bitcoin BTC$65,002.12 has risen by 10%.
A more revealing picture emerges when you measure the top two memecoins against bitcoin's market cap of $1.30 trillion.
That ratio now stands at just 1.02%, the lowest on record. That's a dramatic reset if considering where things stood at the peak of memecoin mania in 2021, when DOGE and SHIB together accounted for 7% of bitcoin's market cap. In other words, for every dollar invested in bitcoin, seven cents were chasing internet joke tokens. Today that figure is just over one cent.
Bitcoin has grown substantially since 2021, meaning memecoins haven't just lost value in dollar terms, they have ceded ground against the very asset that defines the crypto market cycle.
It points to a broader change in how capital flows through crypto. The introduction of U.S. spot bitcoin ETFs in 2024 accelerated the institutionalization of the market, drawing in a class of investors who have little interest in meme tokens and significant interest in bitcoin as a macro asset. Capital has also been pulled away by other emerging sectors with links to traditional finance, such as real-world assets.
Capital that once chased speculative memecoins is consolidating into bitcoin and other major market sectors. This, coupled with higher interest rates worldwide, indicates that the era of easy money through memecoins is gone.
As for short-term market trends, positioning in the options market points to a constructive outlook among traders with expectations for a BTC price increase to at least $72,000. Stay alert!
Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list 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 said he will soon decide on whether to launch a “massive” and “bigger than ever before” attack on Iran after the conflict expanded to the Red Sea.
- Clarity Act expected to miss its window before Congress' summer break, leadership says (CoinDesk): Industry and congressional negotiators working on the Clarity Act aimed for an Aug. 7 final draft and passage this year. That now seems unlikely, says Senate Majority Leader John Thune.
- Global bonds are reeling as oil surge renews inflation threat (Bloomberg): Global bonds are being pummeled by the rise of energy prices. U.K. gilt yields set their longest period of daily closes above 5% in almost two decades, Germany’s 10-year yield climbed to the highest since 2011, Japan’s 40-year yield rose 10% and its 5-year yield is at the highest since 2000. The U.S. 30-year yield is just below the highest since 2007.
Today’s signal
The chart shows the combined market value of the top memecoins, DOGE and SHIB.
Their aggregate value has slid to $13.3 billion, the lowest level since September 2023. The pair is down 2.3% in July alone, despite gains in bitcoin, underscoring the extent to which these once‑crowded trades have fallen out of favor.
Crypto Daybook AmericasRelated AssetsDogecoin$0.0692.59%Bitcoin$65,002.120.17%
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Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
By CoinDesk ResearchJul 22, 2026Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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