The cryptocurrency market is experiencing a significant decline in meme coins, a phenomenon that has left many investors wondering what went wrong. Meme coins, led by Dogecoin, Shiba Inu, and Pepe, have been experiencing a noticeable decline in value, with a combined daily trading volume of $6.25 billion, a 79% increase from the previous day. Despite this, the total market capitalization of meme coins has fallen by 11% to $45.31 billion.

Historical market trends suggest that bull markets typically start with Bitcoin and Ethereum, followed by altcoins. However, the current market correction has led to a decline in the Total3 index, which excludes BTC and ETH, from $720 billion to $582.88 billion, a 19% drop. This decline has resulted in a descending parallel channel on the daily chart, indicating a continuation of the downtrend.

The relative strength index (RSI) has also fallen below the overbought zone, indicating that investors are taking profits, leading to a trend reversal or corrective pullback. The technical analysis suggests that the downtrend in altcoins, including meme coins, will continue, with the Total3 index moving downward within the descending parallel channel.

Meme coin transactions have also declined significantly, from a peak of $996.7 million in March to $30.35 million in the week ending June 14, according to data from Dune Analytics. Specifically, Dogecoin's trading volume fell by 41% between April 17 and June 17, while Shiba Inu and Pepe experienced declines of 68% and 34%, respectively.

The decline in meme coins has left many investors wondering what went wrong. Some analysts predict a potential rally for WIF Coin despite the market crash, while others believe that the decline is a result of intense bearish pressure. Whatever the reason, it is clear that the meme coin market is experiencing a significant correction, and investors should be cautious when investing in this space.

In conclusion, the cryptocurrency market is experiencing a significant decline in meme coins, led by Dogecoin, Shiba Inu, and Pepe. The decline in value and trading volume has left many investors wondering what went wrong. Historical market trends and technical analysis suggest that the downtrend in altcoins, including meme coins, will continue. Investors should be cautious when investing in this space and conduct thorough research before making any investment decisions.