The meme coin crypto sector has witnessed a notable price decline today. According to the latest price information from CoinMarketCap, all major meme coins are down 10% or more in the last 24 hours.
The Meme Coin Crypto Sector Sees Significant Price Declines
At the time of writing, Pepe’s price today stands at $0.000007, marking a 13.18% decrease in the last 24 hours. Similarly, Shiba Inu’s price has dropped to $0.000025, reflecting a 13.12% decline over the same period.
dogwifhat has not been spared from this downward trend. Its current price of $2.26 represents a 13.75% decrease in the last 24 hours.
Dogecoin, one of the most popular meme coins, has also experienced a significant dip. Its price today stands at $0.143288, down 11.65% in the last 24 hours.
Reasons Behind the Meme Coin Meltdown
Several factors have contributed to this meme coin meltdown. The broader crypto market has experienced a correction, as earlier reported by Captain Altcoin, with the total crypto market cap seeing slight dips of 4.5% to around 2.5 trillion. Major cryptocurrencies like Bitcoin and Ethereum have also faced declines, impacting the overall market sentiment.
Moreover, early investors who entered the meme coin market before the pump started in February are likely taking profits. Consequently, this profit-taking has added selling pressure to these volatile assets.
Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫
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Show more +Additionally, meme coin pumps are usually short-lived due to their lack of utility. As the hype surrounding these coins subsides, their prices tend to correct sharply. Furthermore, some investors may be panicking in response to the market’s downward trajectory, exacerbating the sell-off.
While the meme coin sector has experienced significant price declines, it is essential to recognize the inherent volatility and speculation surrounding these assets. Investors should exercise caution and conduct thorough research before making any investment decisions.
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