The cryptocurrency market is witnessing a significant downturn in meme coins, led by Dogecoin, Shiba Inu, and Pepe. This decline is a stark contrast to their impressive performance in March, where they dominated the market. As of June 18, the meme coin market experienced a notable decline, with a 11% drop in volume over the past 24 hours, according to CoinMarketCap.

The market outlook has weakened, with the Total3 index, which excludes Bitcoin and Ethereum, falling by 19% since June 5. This downward trend has resulted in a descending parallel channel on the daily chart, indicating a continued decline in altcoins. The daily relative strength index (RSI) has also fallen below the overbought zone, suggesting a trend reversal or corrective pullback.

The decline in meme coins is evident in their trading volume, which has plummeted since March. According to Dune Analytics, meme coin transactions across all networks, including Ethereum and Solana, fell from $996.7 million in March to just $30.35 million in the week ending June 14. Specifically, Dogecoin's trading volume dropped by 41% between April 17 and June 17, while Shiba Inu and Pepe experienced declines of 68% and 34%, respectively.

This sharp decline in meme coins can be attributed to the market correction, which has led to a decrease in investor interest. The RSI value's fall from 62 to 30 over a two-week period indicates intense bearish pressure, suggesting that investors are taking profits and exiting the market. As a result, the meme coin frenzy that once captivated the market has fizzled out, leaving many investors wondering if this decline is a temporary correction or a long-term trend.

In conclusion, the cryptocurrency market is experiencing a significant decline in meme coins, with a notable drop in trading volume and market capitalization. While this decline may be a temporary correction, it highlights the volatility of the cryptocurrency market and the importance of careful investment decisions. As the market continues to evolve, it remains to be seen whether meme coins will regain their former popularity or continue to experience a decline in value.