Key Reason for SHIB, WIF, FLOKI, PEPE Price Drop in 24 Hours

Cover image via U.Today

The cryptocurrency market is currently experiencing selling pressure, and cryptocurrencies Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI, and PEPE are no exception to this bearish trend, having posted significant losses over the past day.

At the time of writing, Pepe (PEPE) and Dogwifhat (WIF) have each lost 9.17% and 11.52%, respectively, in the past 24 hours. According to CoinMarketCap data, the price of frog-themed meme coin PEPE was trading at 0.00001244, while the price of Solana-based meme coin WIF stood at $2.52.

In the meantime, dog coins Shiba Inu (SHIB) and Floki have both declined by 5% and 13.52%, respectively, over the last day. At the time of writing, the price of FLOKI had fallen to $0.0002156, while the price of SHIB had decreased to $0.00002136 in the previous day.

Meme coins have stolen the spotlight in recent weeks, and the recent price drop may have been caused by a combination of profit-taking and a general market downturn.

Led by Bitcoin, the crypto market has seen erratic trading action over the last 24 hours. Bitcoin's price initially rose after the Consumer Price Index (CPI) report on Wednesday came in higher than anticipated. However, this gain was short-lived as Bitcoin's price fell following comments from Fed Chair Jerome Powell.

On Thursday, Bitcoin and the rest of the crypto market deepened their losses ahead of the release of economic data that could provide insights into the Fed's future policy direction.

The U.S. PPI monthly rate in May was -0.2%, the largest drop since October 2023, with an expected 0.10% and a previous value of 0.50%. The PPI annual rate was 2.2%, with an expected 2.50% and a previous value of 2.20%. The core PPI annual rate in May was 2.3%, with an expected…— Wu Blockchain (@WuBlockchain) June 13, 2024

According to the released data, the U.S. PPI monthly rate unexpectedly declined in May to -0.2%, marking the largest drop since October 2023. This is in contrast to the expected 0.10% and the previous value of 0.50%.

The PPI annual rate came in at 2.2%, compared to an expected 2.50% and a previous value of 2.20%. The core PPI annual rate in May was 2.3%, compared to an expected 2.4% and a previous value of 2.40%. These figures suggest that inflationary pressures may be easing.

In the near term, traders will be closely watching the market's response to the recently released data and taking it into account when determining future price movements, particularly for SHIB, PEPE, FLOKI, and WIF.