Memecoins crash - Dogecoin could drop out of top 10

The mood of crypto markets has completely shifted since the beginning of August. Arthur Hayes is selling, the statue of Satoshi Nakamoto has disappeared from the Lugano lake, the fear and greed index is falling (signaling an impending correction) and memecoins are being hit hard.

Dogecoin and Tron

It doesn’t seem like a slow period for crypto. While regular business news usually seems to take a break during August, digital currencies have been different altogether in recent days. Initially, there was panic after it emerged that Arthur Hayes, the Bitcoin savant and best short-term predictor, had sold a large amount of digital currencies. Although Arthur is convinced of the long-term potential, he likely realizes that a short-term correction is imminent.

Furthermore, there was the news from Switzerland that the Satoshi Nakamoto statue had disappeared and it also turned out that the fear and greed index is pointing to a correction.

Where is Satoshi?

We are offering 0.1 btc to whoever will help us recovering the Statue of Satoshi Nakamoto that was stolen yesterday in Lugano.

You can steal our symbol but you will never be able to steal our souls.

Thank you all for the nice messages.

We are all in this… https://t.co/cAGCqg4CuP pic.twitter.com/iGrBOdVYhe

— Satoshigallery (@satoshigallery) August 3, 2025

All of this is causing digital currencies to fall further, and as always during such a correction, memecoins fall the fastest (just as they also rise the fastest in a bull market). This year, Dogecoin’s decline is particularly notable.

This is due, firstly, to the general attitude on social media towards Elon Musk (presumably the world’s biggest Dogecoin fan), which has become negative since the beginning of this year (whereas Elon was once seen as a visionary, that sentiment has changed now), and secondly, because memecoins simply tend to fall faster than others.

Dogecoin Fear and Greed Index is 44 - Neutral pic.twitter.com/LNQVD1PA7K

— Doge Fear and Greed Index (@DogecoinFear) August 3, 2025

As a result, Dogecoin is facing a dismal 2025 and, if things continue like this, it’s even in danger of dropping out of CoinMarketCap’s top 10.

Justin Sun’s Tron has already overtaken Dogecoin at number 8.