Meme coins continue to struggle in the market as investor confidence waned following the Bitcoin halving and broader economic issues. In turn, this sell-off in the crypto market negatively impacted the numbers of decentralized finance assets and meme coins alike.
In 2021, the hype surrounding meme coins caused their prices to skyrocket, fueled by a stronger community rally. This surge was driven in part by the SEC’s approval and influx of investment into Bitcoin ETFs, which reached new record highs for the cryptocurrency. Traders anticipated further profits as meme coins tended to follow the broader market trend.
In just two days, the Bitcoin halving will occur, causing a decrease in regular withdrawals from cryptocurrencies. Consequently, memecoins are weakening as a result.
Memecoins Record Outflows
Over the past 24 hours, Dogecoin (DOGE) has decreased by 5%, and its value has dropped by 25% this week. The once popular memecoin is experiencing a significant decrease in trading activity as investors’ sentiments change. Currently, Dogecoin boasts a 24-hour trading volume of $2.26 billion and a market capitalization of $21 billion.
Currently, SHIB is priced at $0.1487 according to recent reports, and optimistic investors anticipate a new record once unfavorable economic conditions ease. Following a weekly decline, Shiba Inu has experienced a 1.6% rise in the last 24 hours. However, this uptick failed to restore its previous advancements, which were erased due to a significant 20% drop over the past week. The asset’s trading volume during the day reached $542 million.
PEPE and Dogwifhat have dropped 2.5% today, yet they’ve shown resilience in the past few hours. However, their prices have decreased by 30.6% and 32.4% respectively during this week. On the other hand, FLOKI and BONK have seen daily gains but exhibit similar trends with over 30% weekly outflows.
The total memecoin market cap is down 5.8% just days before the Bitcoin halving.
Can It Recover?
Over the past few weeks, there has been a significant decrease in memecoin circulation, leaving a pessimistic atmosphere just prior to their upcoming halvings. Nevertheless, history shows that previous Bitcoin halvings have triggered bull markets, resulting in substantial price increases.
The Bitcoin halving has reignited hope among cryptocurrency investors, fueling renewed optimism and potentially triggering another wave of popularity for memecoins. Despite current crypto prices being subdued, several memecoins continue to attract significant interest due to community excitement.
Catfish and PONKE are up 50.5% and 55% respectively.
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2024-04-18 17:35