Meme coins crash: Dogwifhat, Brett, Bonk, Pepe lead weekend losses
Release: 2024/08/18 00:41 Reading: 286
Cryptocurrency Prices Continue to Fall
Cryptocurrency prices remained under pressure on Monday, extending a two-week trend of declines.
Meme Coins Experience Sell-off
Meme coins, a category of cryptocurrencies inspired by internet memes, have suffered significant losses. CoinGecko data shows that the total market cap of tracked meme coins has dropped to over $38 billion, a decline from their year-to-date high of over $68 billion.
Strong Correlation Among Meme Coins
An analysis of their price charts reveals a close correlation among most meme coins. All tokens mentioned below have seen significant declines in the past five days, retreating over 50% from their respective yearly highs.
Specific Meme Coin Performance
- Bitcoin (BTC): Remained below $60,000 as meme coins continued to fall.
- Dogwifhat (WIF): Dropped for five consecutive days, down by over 51% from its yearly high.
- Brett (BRETT): The largest meme coin in the Base Blockchain, has seen a five-day decline of 60% from its all-time high.
- Bonk (BONK): The first Solana (SOL) meme coin, experienced a 63% drop from its March highs on August 17.
- Pepe (PEPE): Fell to $0.0000071 after several days of declines.
Technical Analysis Suggests Further Declines
Technical analysis indicates that these meme coins may have more room to fall.
Pepe Technical Indicators
- Death Cross: Pepe has moved below its 50-day moving average (July 31) and 200-day EMA (August 11). This could indicate further downward movement.
- Head and Shoulders Pattern: Pepe has formed a head and shoulders pattern, a bearish sign in technical analysis.
Bitcoin's Influence on Meme Coins
Bitcoin's recent stall below $60,000 is a key factor in the decline of meme coins. Historically, meme coins tend to follow Bitcoin's price direction. If Bitcoin continues its downtrend, meme coins will likely follow suit.
Traders Seek Meme Tokens for Upside Potential
Traders often invest in meme tokens like Pepe, Dogwifhat, Bonk, and Brett when Bitcoin is rising to capitalize on their potential for rapid growth.
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