Just a week or two ago, meme coins were in the most profit, leaving the rest of the altcoins behind. The term “meme season” was adopted by the community to celebrate the massive price jumps for meme coins. But that seems to end now, as most of these coins are down by 30% and suffering the most right now.

However, the rest of the cryptocurrencies are down as well, indicating a high market selling pressure. Bitcoin itself is seeing a downtrend as it has fallen to $64,428.90 rather than moving higher. Ethereum is down to $3335.6 and may go even lower, which is concerning as the Ethereum Dencun Upgrade has just happened.

These popular cryptocurrencies are one of the reasons why the meme coin prices are dropping recently but there’s more behind it.

Is Meme Coin Hype Dying?

On examining the data, the meme coin graphs are in red, signifying a price fall over the last few days. The number one meme coin, Dogecoin price is at $0.1324 after a 22.96% drop in a week. Shiba Inu is at $0.00002526 after a 22.18% drop, whereas Floki Inu is at $0.0001727 after a 33% drop. It is not the case with old meme coins only, as the newer ones are also struggling.

Also Read: Bitcoin Price Entering ‘Danger Zone’. What Does it Mean?

The Pepe coin price is at $0.000006187 after a 25% drop, and dogwifhat is at $2.28 after dropping 22.49% from yesterday. Lastly, BONK is at $0.00002099 after a 30.43% drop in a week. It is the condition when these Pepe, BONK, and dogwifhat have recently crossed their all-time-high values.

But it’s not the end of the world. All of these meme coins are still above the price mark they were a month or two ago. The overall meme coin trading volume is making a comeback. It is currently at $12,091,292,078 and might grow higher with the new bullish push.

Meme coins are known for their high volatility, and their survival depends on the trend. A slight market fluctuation can cause shifts in prices over nothing.

What’s Causing This Dip In Meme Coin Prices?

There’s an overall downward trend in the crypto market, influenced by the Fed meeting happening today. Fed meeting will run for two days to end with a policy statement on March 20 at 2 pm Eastern. It is the meeting of the Federal Reserve Bank of the United States Open Market Committee (FOMC), where the officials come together to discuss monetary policy decisions for the country. These Fed meetings happen eight times a year and come around when it’s time to take action on interest rates or to update the policies.

It is already believed that there will be no changes in the interest rates, but the tension is real high before the reports come out. It’s the reason behind the increasing selling pressure in the market.

One more point that’s worth mentioning here is that the Indian Stock market has also faced a fall, which impacts the crypto market.

Conclusion

The meme coin price surge has come to a halt after weeks of dominating the market. Many altcoins, including meme coins like Pepe Coin, BONK, and dogwifhat, had set ATH values earlier to this crash. It has to see how they will make a comeback after facing this selling pressure from the community and the USA market.

Learn more about How SLERF Trader Made $3.02 Million In 12 Mins.

The post Is Meme Coin Hype Coming To An End? appeared first on CoinGape.

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