Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline
22 Maio 2023 - 10:50AM
NEWSBTC
Momentum in the crypto market has ground to a near-halt over the
last couple of days and meme coins are suffering the most for it.
As market participants remain wary of their investment options, the
likes of PEPE, SHIB, and DOGE have continued to decline, signaling
an end to the short meme coin bull run experienced in April. Meme
Coin Momentum Slows Significantly Meme coins have been one of the
hardest hit presently as both large and small meme coins have been
on a decline. For example, PEPE, a meme coin that rose into
prominence in April, has lost over 60% of its early May all-time
high value and is still recording losses of 7.5% in the last 24
hours. Related Reading: Decentraland (MANA) Leads Crypto Market
Gains, Here’s Why Likewise, Dogecoin (DOGE), the largest meme coin
in the space has not had it easy as well. The digital asset is
still holding on to its support above the $0.07 but bears continue
to threaten its ability to recover. Just like PEPE, DOGE is seeing
a decline in the last day, albeit to a lesser degree, with 1.8%
losses during this time period. Next on this list is SHIB which is
currently the only one of the top meme coins that are recording
some semblance of gains. But even its gains so far have been meager
and losses are the order of the day on the larger 7-day scale. SHIB
is still below its critical $0.000009 resistance but has risen 1.7%
in the last day. Others such as Baby Doge Coin and Floki are seeing
losses in the 24-hour and 7-day charts as well. As a result, the
total meme coin market cap is down 2.6% in the last day and is now
sitting at a $17.13 billion capitalization, data from Coingecko
shows. DOGE trading low at $0.073 | Source: DOGEUSD on
TradingView.com Is It Time To Buy PEPE, SHIB, Or DOGE? The current
market climate makes it so that cryptocurrencies are presenting
what some would call a great buying opportunity. This is because
for a lot of these assets to return to their previous highs, it
would mean an at least 100% increase from their current market
price. Related Reading: Shiba Inu Falls Below Critical Support, Is
It Time For You To Buy? Since cryptocurrencies have been
consolidating for a while, a breakout could be imminent and this
would mean buying assets such as PEPE, DOGE, and SHIB at current
prices could present as a good entry point for good profits.
However, this only works if the market bottom is truly in. With
cryptocurrencies being very volatile, they could just as well swing
downward from this point, leading to more losses for investors.
Follow Best Owie on Twitter for market insights, updates, and the
occasional funny tweet… Featured image from iStock, chart from
TradingView.com
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