Dogecoin (DOGE) price falls as traders bet against the token. “Memecoin Summer on Hold,” some say.

“When the price of Bitcoin falls, not only do memecoins follow, but they also tend to lose a larger portion of their value,” Neil Roarty, an analyst at investment platform Stocklytics, said in an email to CoinDesk on Thursday. He said, “All plans for a meme coin summer may have to be put on hold.”