The cryptocurrency market is experiencing turbulence, particularly among meme coins that have lost significant market positions amid volatility.
General Decline of Meme Coins
Currently, meme coins are facing substantial losses over 16% from their weekly highs. This drop reflects the overall market volatility and shifts in investor sentiment.
Prices of Leading Meme Coins
Leading meme coin Dogecoin (DOGE) has dropped about 15% this week, while Shiba Inu (SHIB) fell 13%. Following recent highs, the meme coin PEPE, which reached a market cap of $4.5 billion, is trading at $0.0000107, a 64% decline from its all-time high.
Reasons for the Drop and Forecasts
Analysts attribute the current downturn to large-scale whale movements, with a notable PEPE whale depositing 600 billion tokens on Binance. Additionally, increased market volatility driven by geopolitical factors has pressured the meme coin sector, signaling a potential cooling-off period.
The drop in meme coins indicates their susceptibility to rapid trend changes and volatility, particularly during broader cryptocurrency market instability.
