Meme coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have experienced a significant downturn, with DOGE and SHIB dropping by 6.01% and 6.13% respectively. This trend is mirrored in the broader cryptocurrency market, with Bitcoin (BTC) also falling to the $100,000 price level. In the past 24 hours, over $681.11 million in long positions were liquidated, indicating a bearish sentiment in the market.
According to CoinMarketCap data, meme coins have seen double-digit decreases in value over the last seven days, following a period of significant growth in recent months. Despite this recent decline, meme coins still hold a substantial market cap of $117.4 billion, with $24.8 billion traded in the meme coin space in the past 24 hours.
One exception to this downward trend is Pudgy Penguins (PENGU), which has seen a remarkable 549.42% increase in value over the past week and a 7.62% increase in the last 24 hours, trading at $0.03221 at the time of writing. This suggests that there may still be opportunities for investment in meme cryptocurrencies despite the overall market downturn.
The recent crash in meme coins can be attributed to the broader market correction, with leading cryptocurrencies like Bitcoin and Ether experiencing significant drops. Additionally, comments from US Federal Reserve Chair Jerome Powell regarding a national Bitcoin reserve and the agency’s plans for fewer rate cuts in 2025 have contributed to bearish sentiment in the crypto market.
It is important to note that the information presented in this article is for informational and educational purposes only and should not be considered financial advice. Readers are advised to exercise caution and conduct their own research before making any investment decisions in the cryptocurrency space.