The post PENGU, TRUMP close in on new all-time lows as memecoins suffer – Details appeared on BitcoinEthereumNews.com.

PENGU lost 75% of its value in a month, with TRUMP facing similar fortunes too  Memecoin sector’s market cap declined by 15% over the last few weeks on the back of weak social sentiment and liquidity The memecoin sector is facing a severe downturn right now, with PENGU and TRUMP both nearing new all-time lows (ATL). Once high-flying tokens, both have shed significant value over the past few weeks, reflecting a broader decline in memecoin assets. In fact, the slump has coincided with fading retail enthusiasm and a cooling off in speculative trading across the sector. PENGU drops below key support levels In February, PENGU has continued its January freefall, dropping from a local high of $0.04 to a press time price of $0.01 – A staggering 75% decline in just under a month. While the token attempted a short-lived rebound at $0.025, it failed to maintain any momentum, leading to a series of lower lows. Source: Coingecko The candlestick chart underlined sustained selling pressure, with only brief periods of relief buying. If PENGU breaks below its psychological support of $0.01, it could open the door to further downside. TRUMP on a steady decline – Nearing critical levels TRUMP has mirrored PENGU’s decline, dropping from a January peak of $80 to just $18 – Representing a 77.5% loss in value. Unlike PENGU, TRUMP’s decline has been more gradual, but no less severe. Source: CoinGecko Its price action hinted an absence of strong support, with the token trading in a tight consolidation range between $18 and $20. If bearish momentum persists, TRUMP could soon retest its previous ATL, making it one of the worst-performing memecoins in recent weeks. Memecoin sector at large is suffering The struggles of PENGU and TRUMP are not isolated cases though, as the entire memecoin sector is…

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Filed under: News - @ February 9, 2025 1:07 am