Meme Coins Plummet 11% Amid The Crypto Crash, Sparking Scramble To Buy The Dip
Release: 2024/07/04 19:29 Reading: 501
Market Meltdown: Meme Coins Plunge, Traders Seek Dip
The meme coin market has experienced a significant downturn, with its value dropping by 11% in the recent crypto crash. This has prompted traders to explore strategies for exploiting this dip.
Heavy Losses Among Major Meme Coins
Nearly all leading meme coins suffered substantial price decreases, with some plummeting by over 20%. Mumu the Bull (MUMU) emerged as the biggest loser, losing more than 29% of its value.
Political Meme Coin Jeo Boden Hit Hard
Jeo Boden (BODEN), the political meme coin associated with U.S. President Joe Biden, was the second most impacted, with a 23% decline in the past 24 hours. As a result, BODEN's weekly performance plummeted by 72%, bringing its value to $0.03539 as of 2:45 a.m. EST.
Solana Meme Coins Feature in Losses
Several Solana meme coins also made it into the list of top 10 losers. Popcat (POPCAT), Catwifhat ($CWIF), Michi ($MICHI), and Slerf (SLERF) experienced significant price drops.
Leaders Dogecoin, Shiba Inu, and Pepe Suffer
Prominent meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) also faced losses in the 24-hour period. DOGE and SHIB, the oldest tokens in this category, witnessed price declines of 6% and 7%, respectively. PEPE also saw an 11% drop in its value.
Traders Consider Buying the Dip
With even the most established meme coins unable to resist the recent sell-off, traders and investors are exploring methods to capitalize on the dip. Some are considering tokens in their ICO phase, which are currently insulated from volatility while offering potential for significant growth.
Among analyst favorites are Pepe Unchained (PEPU), a layer-2 alternative to PEPE, Shiba Shootout (SHIBASHOOT), viewed as a competitor to SHIB, and P2E project PlayDoge (PLAY), derived from DOGE.
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