Double-Digit Losses Hit Meme Coin Index Amid Bearish Crypto Sentiment
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The meme coin market faces double-digit losses, reflecting the broader crypto sector’s bearish trend. DOGE and SHIB hit significant lows, raising concerns about future support levels. PEPE, WIF, and BONK continue to decline, struggling amidst widespread sell-off pressure. The once vibrant and humorous world of meme coins has taken a severe hit as SHIB, DOGE, PEPE, WIF, and BONK prices plummet. Fueled by internet culture and viral trends, these digital tokens have seen their market values nosedive, resulting in double-digit losses for the Meme Coin Index. Source: CoinMarketCap This sharp decline reflects a broader bearish sentiment sweeping through the crypto sector, raising critical questions about the sustainability and future of meme-based currencies. The downturn is not limited to meme coins alone, as major altcoins have also experienced significant declines. For instance, Bitcoin dipped over 3% today as it retested the $58.3K mark, while Ethereum saw a 4.69% slump, stabilizing above the $3.2K mark. SHIB and DOGE Prices in Bloodbath Amid the broader market’s bearish sentiment, Shiba Inu’s SHIB and Dogecoin’s DOGE tokens have significantly declined, trading in the red. According to CoinMarketCap’s data, DOGE, the leading meme coin, has been forming lower lows, with its price ranging between an intraday peak of $0.122 and an intraday low of $0.1126. Source: CoinMarketCap As of press time, DOGE was trading at $0.1129, marking a 7.12% decline from the previous day and a 28% drop over the past 30 days. Should this bearish trend continue, DOGE may soon test the support level at $0.10. Similarly, SHIB’s price is currently around $0.00001559, down by 7.65% in the last 24 hours. This marks the lowest point for SHIB since March 1, hinting at a looming bearish trend. The pessimistic market sentiment has also impacted SHIB’s market cap, which now stands at $9.18 billion—a 7.65% decrease…
Filed under: News - @ July 5, 2024 6:20 am