Are Meme Coins in the Hardest Downfall?

Meme Coins Plummet to New Lows

In the past 24 hours, meme coins have experienced a significant decline, reaching their lowest point in recent times. The total market capitalization for meme coins now stands at $43B, representing a 3.8% drop.

Crypto Market Faces Bearish Pressure

The crypto market has been facing sustained pressure from bearish forces in recent weeks. Leading crypto assets have struggled to recover, leaving the industry in a state of uncertainty. Among the altcoins, meme coins have been particularly impacted, with prices dropping sharply over the past day.

Top Losers

According to data from CoinMarketCap, the top losing meme tokens include BONK, BRETT, PEPE, and FLOKI.

BONK

BONK, a dog-themed meme coin, has plummeted over 13% in the past 24 hours, despite a 13.8% surge over the past week. Its price currently stands at $0.00002259, triggering a 62.86% increase in daily trading volume. The daily RSI is at 46.81, approaching the neutral zone.

BRETT

BRETT, a comic-inspired coin, has declined by 9.76%. At press time, it trades at $0.1084, with a 29.48% increase in daily trading volume. Over the past month and week, BRETT has lost 36% and 2.49%, respectively. The daily RSI is at 40.82, nearing the oversold zone.

PEPE

PEPE, a frog-themed meme coin, has dropped by 10.35% to $0.000008373 in the past 24 hours. The daily trading volume has increased by 45.14%. The relative strength index (RSI) is at 36.11, indicating selling sentiment.

FLOKI

FLOKI, the pet dog-themed token, has lost 7.47% in the past 24 hours. Its price is currently at $0.0001381, with a daily trading volume spike of 0.87%. The daily RSI is at 37.75, nearing the oversold territory.

Alongside these tokens, other meme coins such as MOG, WIF, RNDR, AR, and INJ have also declined. In contrast, Bitcoin and Ethereum, the top two cryptocurrencies by market capitalization, have experienced drops of 2.70% and 2.63%, respectively.