In the last 24 hours, significant declines have been observed in memecoins. With Bitcoin falling below $96,000, these popular tokens have been affected.
Popular Memecoins Suffer Major Losses
The negative sentiment in the cryptocurrency market has heavily affected memecoins. Tokens like WIF, FARTCOIN, PEPE, and PENGU have lost double-digit values in the last 24 hours. This is linked to investors shifting interest from speculative projects to Bitcoin and other robust assets. Cryptocurrency analysis platform Santiment reported a decrease in social media discussions surrounding prominent memecoins, indicating a decline in investor interest.
Inflated Memecoins by Celebrity Interest Face Collapse
Recently launched memecoins associated with celebrities have also suffered sharp declines. For instance, MOTHER, linked to pop star Iggy Azalea, and DADDY, supported by Andrew Tate, saw rapid value loss after initially attracting significant investor interest. MOTHER coin, launched in May 2024, reached a market value of $130 million in its first week but is now valued at less than $8 million. Likewise, DADDY initially surpassed a market value of $100 million but is now hovering around $20 million.
Experts' Conclusions
Experts urge caution for investors considering memecoins marketed with celebrity endorsements. These coins possess high volatility and unpredictable price movements.
The cryptocurrency market remains volatile, especially for memecoins, which have yet to establish a stable position amid negative sentiment and declining investor interest.
