New Meme Coins ChuanPu and PlayDoge Explode Despite Crypto Market Crash
The post New Meme Coins ChuanPu and PlayDoge Explode Despite Crypto Market Crash appeared on BitcoinEthereumNews.com.
This article was paid for* Large-cap cryptocurrencies continue to bleed under strong selling pressure, with altcoins bearing the brunt of today’s crypto market crash. While Bitcoin remains range-bound between the $64,000 and $66,000 levels, the altcoin capitulation today has resulted in tokens such as Worldcoin (WLD), Dogwifhat (WIF) and Bonk (BONK) correcting by over 10%. Amidst this broader market bearishness, new meme coins are again emerging as promising alternatives. Low-cap tokens such as ChuanPu, PlayDoge and Billy have seen significant growth over the past few days and look poised for a strong bullish continuation. Why is the Crypto Market Crashing Today? The crypto market has been unable to recover from the hawkish FOMC meeting last Wednesday. The Federal Reserve is now forecasting one interest rate hike in its Survey of Economic Projections (SEP), instead of the previously expected two cuts, which is a decidedly beairsh scenario for the crypto market. However, the ongoing crypto market crash is even more perplexing when considering the strength in US stocks and equities. Both S&P 500 and NASDAQ 100 reached new all-time highs on Monday. Typically, Bitcoin shows strong correlation with equities. However, the Bitcoin price failed to hold above the $66k support level and could be visiting the $60k – $61k range over the coming days. Large-cap altcoins are even underperforming BTC. For instance, AI cryptocurrencies are continuing their weak showing today on Tuesday, with the sector leader NEAR Protocol down 12.3% over the past 24 hours. Render, Bittensor and Injective have all crashed by more than 10% over the same period. Large-cap and mid-cap meme coins are not faring any better. Market leaders Dogecoin and Shiba Inu are down by 11%, while Solana meme coins such as Dogwifhat and Bonk have dipped closer to 15% today on Tuesday. Meme coin investors would…
Filed under: News - @ June 19, 2024 2:04 am