Cryptocurrency Sell-Off Persists, Meme Coins Continue Downward Spiral
Cryptocurrency prices have remained depressed this week, a trend that has held steady for nearly two weeks now.
Meme Coin Sell-Off Intensifies
The combined market capitalization of all meme coins tracked by CoinGecko has plunged to $38 billion, a significant decline from its year-to-date high of $68 billion.
An analysis of meme coin charts reveals a strong correlation among them. All coins mentioned below have experienced substantial declines in the past five days, losing over 50% of their respective all-time highs.
Bitcoin Remains Below $60,000, Meme Coins Fall
- Dogwifhat (WIF) has witnessed a five-consecutive-day drop, plummeting by over 51% from its peak.
- Brett (BRETT), the largest meme coin on the Base Blockchain, has also endured a five-day downturn, losing 60% of its all-time high. Long-term holders have reportedly lost over $1 billion as its market capitalization has dwindled from $1.89 billion to $794 million.
- Bonk (BONK), the first Solana (SOL) meme coin, has also suffered significant losses on August 17, falling by 63% since its March highs.
- Pepe (PEPE) has retreated to $0.0000071 after several consecutive days of decline.
Technical Indicators Hint at Further Meme Coin Slide
Technical indicators suggest that these meme coins may face further downside pressure.
Key Points
- Bitcoin's stagnation below $60,000 has dampened the sentiment for meme coins.
- Extreme price movements in meme coins have historically mirrored Bitcoin's trajectory.
- Traders often turn to meme coins like Pepe and Dogwifhat when Bitcoin is rising due to their relative affordability.
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