The crypto market’s meme coin segment is experiencing significant losses, coinciding with broader price drops across the industry. Over the past week, many cryptocurrencies have found it challenging to sustain bullish trends.
The recent decrease in price has been worsened by the most recent escalation of conflicts in the Middle East, causing unease among investors and leading to a drop in value for well-known meme coins.
When word spread that Iranian fighter drones were heading towards Israel, the prices of meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Dogewifhat (WIF) plummeted by more than 10% within hours.
Meme Coins Bleed
Meme coins represent highly unpredictable investments, known for sudden price increases and decreases. In truth, their worth is mainly influenced by excitement, guesswork, and shifting investor opinions, rather than practical uses or widespread acceptance within the real world.
Based on Coinmarketcap’s data, there has been a 12% drop in the value of meme coins over the last 24 hours. It seems this trend may persist. Notably, since the start of the month, most meme coins have experienced price decreases as trading activity and social media buzz have noticeably diminished.
Over the past week, DOGE, SHIB, WIF (Dogewifhat), PEPE, and Floki have experienced declines of 18%, 23%, 33%, 25%, and 32% respectively.
DOGE, the original meme coin, has dropped by a significant 12% in the last 24 hours. Particularly, DOGE fell to $0.135 on April 13 at 5:30 pm Eastern Time for the first time in three weeks. Dogecoin has also seen its weekly active trader count plunge and was recently overtaken by DOG and DEGEN.
In simpler terms, SHIB and WIF, which are among DOGE‘s major competitors in the meme coin market, have experienced significant losses recently. These coins typically move in sync with DOGE. At present, SHIB has declined by around 14% and WIF has dropped approximately 11% within the last 24 hours.
PEPE, the popular meme coin, has felt the effects of the recent market downturn. Over the past day, its value has dropped by 14%. This decline comes after a week of continuous slump. Meanwhile, FLOKI and BONK have also experienced significant losses, with prices dropping 15% and 11%, respectively, within the same timeframe.
Rebound Or Further Decline?
Based on current market conditions, there is likely to be further selling in the near future. During times of geopolitical tension and market instability, investors often sell off riskier, more speculative assets.
Based on Coinglass data, the open interest for DOGE, WIF, PEPE, and SHIB contracts has decreased by approximately 24% for DOGE, 14% for WIF, 37% for PEPE, and 19% for SHIB within the last 24 hours. This implies that investors are withdrawing funds from these assets and possibly closing their positions.
Alternatively, the unpredictable character of cryptocurrencies allows meme coins to potentially shift towards a bull market at any moment.
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2024-04-14 11:11