Why Memecoins’ Trading Volume Soars Amid Bearish Takeover?

• Crypto market faces downturn; bears dominate, impacting major coins.
• Dogecoin, Pepe, and more experience double-digit declines.

A notable downturn has marked the cryptocurrency market as bears exerted pressure, causing the overall market cap to drop by 5.89%. Bitcoin, the leading cryptocurrency, experienced a sudden decline to as low as $66,000, while Ethereum briefly fell to $3,319. During this period, the entire network witnessed a total liquidation of $157 million, with long orders accounting for $144 million of that figure.

Even the meme coins, known for their volatile nature, did not escape this trend. The memecoin market cap recorded a significant decline of 10.8%, despite a notable increase in trading volume by 42%.

Among the meme coins, some witnessed double-digit declines:

Dogecoin (DOGE)

Dogecoin saw a 14% decrease in the past 24 hours, with its current trading price at $0.1866. Despite the downturn, trading volume surged by 66%. It reached a seven-day low of $0.1850, fluctuating between $0.187 to $0.2172 today. Over the past month, Dogecoin witnessed a 33% surge. The 9-day Exponential Moving Average (EMA) stands at $0.19537, while the daily Relative Strength Index (RSI) indicates a neutral condition at 54. Analysts suggest that if bullish momentum persists, Dogecoin could reach $0.228, but if bearish pressure continues, it might drop to $0.175.

Pepe (PEPE)

Pepe experienced a 14% decline in the last 24 hours, currently trading at $0.000007217. Despite the downturn, trading volume increased by 7%. It hit a two-week low of $0.00000703, with trading ranging between $0.000007163 to $0.00000828 today. Over the past month, Pepe surged by 77%. The 9-day EMA is at $0.00000787, and the daily RSI indicates a neutral condition at 49. Analysts suggest that if bullish momentum persists, Pepe could rise to $0.00000923, while a bearish scenario might lead to a drop to $0.00000660.

Dogwifhat (WIF)

Dogwifhat witnessed an 11% decline in the past 24 hours, currently trading at $3.8, with a 4% increase in trading volume. It hit a five-day low of $3.8, fluctuating between $3.81 to $4.48 today. In the past month,  it surged 229%. The 9D EMA is $3.93. The daily RSI is at 56, showing a neutral condition. The bulls might take it to $4.81 and the bears might take it to $3.0

The downturn in the crypto market has raised concerns among investors, with many closely monitoring the situation for potential shifts in market sentiment and price movements.