As a seasoned crypto investor, I’ve seen my fair share of market ups and downs. The recent price drops in major meme coins like WIF, DOGE, SHIB, and PEPE have left many investors feeling disheartened, including myself. With WIF dipping below the $2 billion market capitalization and trading at around $1.90 (as of June 21), it’s hard not to feel a sense of unease.
TL;DR
- Major meme coins, including WIF, DOGE, SHIB, and PEPE, have seen significant price drops.
Some investors view current low prices as a buying opportunity, predicting a potential recovery for the Solana-based asset.
Heading South
Recently, the unstable state of the cryptocurrency market has led to substantial price drops for various digital assets within the last 24 hours. An illustrative instance is the largest meme coin established on the Solana network – dogwifhat (WIF).
The value of it has dropped by nearly 10% every day and is now at approximately $1.90, according to CoinGecko’s statistics. This price point had not been reached since early March.
Although WIF‘s market value has dropped below the $2 billion threshold, it remains the fourth largest meme coin with a market share smaller than Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) in the current scenario.
As an analyst, I’d like to bring your attention to the fact that the leaders mentioned earlier, DOGE, SHIB, and PEPE, have all experienced declines today (June 21). Specifically, DOGE has dipped by 1%, SHIB has seen a drop of 3%, and PEPE has suffered a loss of 5%.
As a crypto investor, I’ve noticed that some meme coins haven’t performed well lately. For instance, BRETT dropped by 7%, BONK decreased by 6.5%, Trump lost 7%, and MEW fell by 10%. The market cap of this group is currently hovering around $49 billion – a significant decrease from the $50 billion mark we once reached.
The Community’s Reaction
As a crypto investor, I’ve noticed the downward trend in WIF‘s price recently. However, I’m not alone in my observation, as multiple industry participants remain hopeful for a comeback. One X user, whose opinion I value, believes that the current levels could be “a logical area to buy.” They see the potential for an additional pullback, but ultimately anticipate that WIF will rally toward new all-time highs in the $7-$10 range.
As a dedicated cryptocurrency follower under the alias X handling Zer0, I anticipate a price surge in the coming days. Regardless, I intend to keep my hands off my WIF-stored coins during this anticipated pump.
Previously in the past few days, DonAlt, a popular X user with a large following (over 500,000), expressed his viewpoint that the meme coin has begun to slip out of its larger price range. He proposed that if the price manages to break above $2.20, bulls could potentially retake control.
The downturn in the meme coin market is a cautionary tale for traders, highlighting the potential risks of jumping into trends without thorough research. Prospective investors would be wise to carry out comprehensive due diligence before entering the ecosystem and only allocate funds they can afford to lose. For additional insights on this topic, please refer to our informative video.
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2024-06-21 11:31