Memecoins’ Trading Volume Surges Amid Bearish Takeover

Memecoins meme coin

The cryptocurrency market recently took a hit as bears pushed prices down, leading to a 5.89% drop in the overall market cap. Bitcoin, the top cryptocurrency, saw a sudden fall to $66,000, while Ethereum briefly dropped to $3,319.

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During this time, the entire network saw a total liquidation of $157 million, with $144 million coming from long orders. Even meme coins, known for their wild price swings, weren’t spared. The market cap of meme coins dropped significantly by 10.8%, despite a notable 42% increase in trading volume. Some meme coins experienced double-digit declines during this period.



Cryptocurrency Price Analysis Amid Market Downturn

Dogecoin (DOGE): Dogecoin experienced a 14% decrease in the last 24 hours, with its current trading price at $0.1866. Despite the drop, trading volume surged by 66%. It hit a seven-day low of $0.1850 and fluctuated between $0.187 to $0.2172 today. Over the past month, Dogecoin surged by 33%. The 9-day Exponential Moving Average (EMA) stands at $0.19537, while the daily Relative Strength Index (RSI) indicates a neutral condition at 54. Analysts suggest a potential rise to $0.228 if bullish momentum continues, while a bearish scenario might lead to a drop to $0.175.

DOGE Price Chart, Source: TradingView

Pepe: Pepe experienced a 14% decline in the last 24 hours, currently trading at $0.000007217. Despite the downturn, trading volume increased by 7%. It hit a two-week low of $0.00000703, with trading ranging between $0.000007163 to $0.00000828 today. Over the past month, Pepe surged by 77%. The 9-day EMA is at $0.00000787, and the daily RSI indicates a neutral condition at 49. Analysts suggest a potential rise to $0.00000923 if bullish momentum persists, while a bearish scenario might lead to a drop to $0.00000660.

PEPE Price Chart, Source: TradingView

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Dogwifhat: Dogwifhat witnessed an 11% decline in the past 24 hours, currently trading at $3.8, with a 4% increase in trading volume. It hit a five-day low of $3.8, fluctuating between $3.81 to $4.48 today. Over the past month, it surged by 229%. The 9-day EMA is $3.93, and the daily RSI is at 56, showing a neutral condition. Analysts suggest a potential rise to $4.81 if bullish momentum continues, while a bearish scenario might lead to a drop to $3.0.

WIF Price Chart, Source: TradingView

The downturn in the crypto market has sparked concerns among investors, prompting close monitoring of the situation for potential shifts in market sentiment and price movements.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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  • SHBAZ

    A crypto enthusiast, Loves to write, Loves to explore and stay up-to-date about the latest developments in the crypto world. #Btc #Crypto #NFT

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