Only a week or two ago, meme coins were making the most profit, leaving the rest of the altcoins behind. The phrase “meme season” originated to honor the massive price jumps for meme coins. However, this appears to be coming to an end, as the most of these currencies are down by 30% and are currently suffering the most.
However, the rest of the cryptocurrencies have fallen as well, signaling a strong market selling pressure. Bitcoin itself is in a downturn, having fallen to $64,428.90 rather than rising. Ethereum is down to $3335.6 and may fall further lower, which is concerning given that the Ethereum Dencun Upgrade just happened.
These popular cryptocurrencies are one of the reasons why meme coin prices have dropped recently, but there is more to it.
Is the Meme Coin Hype Coming to an End?
Examining the data, the meme coin graphs are in red, indicating a price drop over the last few days. Dogecoin, the most popular meme coin, price is at $0.1324 after a 22.96% drop in a week. Shiba Inu is at $0.00002526 after a 22.18% drop, whereas Floki Inu is at $0.0001727 after a 33% drop. It's not only old meme coins; newer ones are also struggling.
The Pepe coin price has dropped 25% to $0.000006187, while dogwifhat has dropped 22.49% to $2.28 from yesterday. Lastly, BONK is trading at $0.00002099 after a 30.43% drop in a week. It is the condition in which Pepe, BONK, and dogwifhat have lately reached all-time highs.
However, this is not the end of the world. All of these meme coins are still priced more than they were a month or two ago. Meme coin trading volume is on the rise. It is currently at $12,091,292,078 and could rise further with the fresh bullish drive. Meme coins are known for their enormous volatility, and their survival depends on market trends. A minor market fluctuation can trigger shifts in meme coin prices for nothing.
Top Reasons Why Meme Coin Prices Are Dropping
Just a few days ago, meme coins dominated the crypto market with their consistent rises and successes. The crypto market is most affected when a trend begins. Even during the last bear zone, meme coins suffered more than any other altcoins due to declining trends and the presence of new competitors.
The crypto market is currently trending downward, impacted by today’s Fed meeting. It has a noticeable impact on meme coins, as well as other cryptocurrencies. The Fed meeting will run for two days and end with a policy statement on March 20 at 2 p.m. Eastern. The Federal Reserve Bank of the United States Open Market Committee (FOMC) meets to discuss the country’s monetary policy choices. These Fed meetings take place eight times a year, when it is time to move on interest rates or revise policy. It is already widely assumed that interest rates will remain unchanged, but the anticipation of the reports is obvious. It is the reason behind the market’s increasing selling pressure.
Another factor to consider is that the Indian stock market has fallen today, resulting in thousands of dollars in losses for investors. There is a correlation between the stock market and the crypto market, which is why the consequences may be seen in crypto prices.
The meme coin price rise has come to an end after weeks of dominating the market. Many altcoins, including meme coins such as Pepe Coin, BONK, and dogwifhat, have set their ATH values prior to the fall. It remains to be seen how these meme coins will recover after suffering selling pressure from the community and the US market.
Official Website:
Website: https://www.bitrue.com/
Sign Up: https://www.bitrue.com/user/register
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.