As an experienced analyst, I’ve seen my fair share of market volatility and crashes throughout my career. The recent price drop in Bitcoin and subsequent decline in meme coins has once again highlighted the extreme nature of these assets.
As I’ve observed the cryptocurrency market, the Bitcoin price decline from around $70,000 down to below $64,000 has inevitably led to notable drops in the value of meme coins as well. The impact was felt across both large and smaller meme coin players, sparking concerns among investors about whether we’ve seen the end of this summer’s meme coin craze. However, based on historical trends, there might still be a silver lining for these assets. Crypto analysts persist in their predictions that bigger moves are yet to come for meme coins, providing some optimism amidst the current market volatility.
Meme Coins Struggle To Hold Up
Taking a quick glance at the meme coins displayed on CoinGecko leaves me with a sense of unease, as their values have plummeted significantly over the past week. Compared to the relative stability of Bitcoin and Ethereum, the volatility of these cryptocurrencies is starkly apparent.
Over the past week, I’ve observed a nearly 7% decrease in Bitcoin’s price, while Ethereum followed suit with a roughly 5.4% decline. But it’s important to put things into perspective. Even the most popular meme coins, such as Dogecoin and Shiba Inu, have underperformed significantly. Their prices have plummeted by an even larger margin compared to Bitcoin and Ethereum.
The Dogecoin price declined by 11.6% within this period, causing it to slip under the $0.12 support threshold. Similarly, Shiba Inu experienced a significant drop of 15.6%, resulting in its price falling beneath the vital support level of $0.000018. Among the top five cryptocurrencies, PEPE suffered the least losses with only 7.1%.
As an analyst, I’ve observed a significant price decrease for Dogwifhat, the leading meme coin on Solana, amounting to a 32.7% drop over the past week. In the last day alone, its value has dipped by an additional 7.9%. Following closely is FLOKI, which has experienced a 15.9% price decline in the previous seven-day period.
As a crypto investor, I’ve noticed some significant declines in the value of certain meme coins within the last period. For instance, BONK experienced a setback with a 17.9% decrease, and BOME followed suit with a 14.2% drop. Among the top performers, BRETT on Base network saw a decline of 10.6%, while TURBO, which is widely known as the meme coin generated by AI, suffered a loss of 15.8%.
Is There Still Hope From Here?
Meme coins have a higher propensity for larger price drops than the broader market, signaling greater risk. Yet, this instability is what allures investors seeking significant returns within a brief time frame. Consequently, when the market declines, meme coins are prone to experiencing steeper slides. On the upside, they can also surge more dramatically than other cryptocurrencies during rallies due to their heightened volatility.
In comparison, when Bitcoin experienced a 20% surge in May, certain coins such as BONK and PEPE saw significant gains. Specifically, BONK increased by over 100% from its previous lows, while PEPE exhibited exceptional growth, rising more than 200% within the same timeframe.
According to crypto experts, if the bull market continues and Bitcoin reaches $100,000, which is approximately double its current value, then meme coins could experience significant gains. In other words, investors in meme coins might face intense volatility once Bitcoin surges past this price point. The general consensus is that these digital currencies may potentially rise by 100% or more when Bitcoin hits $100,000.
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2024-06-25 01:11