The meme coins are currently witnessing a downward trend, especially with the upcoming Bitcoin halving event slated for next week. This temporary setback has instilled a sense of caution among investors.

Meme coins such as Dogwifhat (WIF), Pepe (PEPE), Coq Inu (COQ), BOOK OF MEME (BOME), Degen (DEGEN), and Toshi (TOSHI) have shown significant price drops. This bearish behavior is expected to continue until Bitcoin halved, suggesting that investors might consider holding off on investments in these assets until the market stabilizes.

1. Dogwifhat (WIF)

Dogwifhat (WIF) has emerged as a standout meme token within the Solana ecosystem. The meme coin has recently experienced a notable decrease in price, with a descending trend seen in the market. 

Due to a decrease in price might be wary of investing further as the falling trend suggests a lack of confidence from current holders. This bearish sentiment could lead to more sell-offs, reducing the coin’s price further.

dogwifhat price chart

Over the past week, the WIF price has decreased by more than 20%, pulling back from $4 to $2. At the time of writing, Dogwifhat is currently at $2.67, with a dip of 22% in the past day, indicating a bearish trend. The current CoinMarketCap ranking is 42, with a market cap of $2.6 billion.

2. Pepe (PEPE)

Pepe (PEPE), another popular meme coin operating on the Ethereum blockchain, has also seen a significant price decrease, dropping by 33% over the last month. This downtrend reflects growing investor uncertainty and a shift towards more stable investments as the Bitcoin halving approaches. Investors should be cautious about adding PEPE to their portfolios to avoid losses. 

Pepe’s price is $0.000005869, with a 19% 24 hour dip. Over the past week, the meme coin has also seen a 13% decrease, indicating more selling pressure in the market. However, after Bitcoin’s halving, Pepe and other meme coins could potentially experience some recovery if the overall market sentiment improves. 

3. Coq Inu (COQ)

Coq Inu is presented as a prominent meme coin on the Avalanche (AVAX) blockchain, marketed under the claim of being “#1 in its category.” It was established by well-regarded members of the AVAX community who notably did not take any initial token distribution for themselves.

Cog Inu price is currently at $0.000002946, with a decrease of more than 14% in the past 24 hours and a weekly dip of 29%, making it the meme coin to avoid until after Bitcoin halving. The investors are likely wary of Coq Inu’s rapid decline and the risk it poses amidst a highly volatile market.

4. BOOK OF MEME (BOME)

In the cryptocurrency sphere, BOME has become a new standout on the Solana blockchain. Combining meme allure with decentralized storage and trading capabilities, BOME seeks to revolutionize the web3 landscape.

BOME has experienced 1,000% growth in the past month, establishing it as a prominent Solana ecosystem altcoin. However, over the past week, BOME has seen a slight pullback, with a 26% decrease, making investors cautious about the sustainability of its rapid growth. 

BOOK OF MEME is trading at $0.01004, with a 10% dip in the last 24 hours, making it the meme coin to avoid until after Bitcoin halving.

5. Degen (DEGEN)

Degen (DEGEN) originated as a reward token for users active in the Farcaster Degen channel. Initially conceived as a meme coin, it has since garnered a significant following among developers, crypto content creators, and enthusiasts who have invested in the coin.

The current CoinMarketCap ranking is 221, with a market cap of $387 million. Currently, the DEGEN price is at $0.02733, with a dip of more than 20% in the past 24 hours and a weekly decrease of 28%, making investors hesitant to commit further due to its recent sharp declines.

6. Toshi (TOSHI)

Toshi (TOSHI), a meme coin named in homage to Brian Armstrong’s cat and the pseudonymous creator of Bitcoin, Satoshi Nakamoto, has emerged as a notable player in the meme coin market.

Toshi price chart

The current price of Toshi is $0.0005049, an 11% decrease over the past day. The market capitalization is $206 million, ranking 283 in the Coin Market Data. With the current decline, Investors should avoid investing in the meme coin, especially in the volatile period leading up to the Bitcoin halving event.

Bottom Line

With Bitcoin’s halving event just around the corner, prudence dictates a strategic distance from certain meme coins. Post-event, these coins could see a rebound, but until then, caution remains paramount.

The post 6 Meme Coins Crypto To Avoid Until After Halving appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am