Memecoin Prices Bearish: DOGE, WIF, PEPE Drop More Than 10%

Bittime – The memecoin market has experienced a significant decline in the last 24 hours. Data from CoinGecko shows that memecoin prices have plummeted, even well-known memecoins. The following is a complete explanation.

List of Memecoins that Experienced Price Drops

The following are memecoins whose prices have decreased quite drastically:

• DOGE: Down 10.1% in 24 hours, trading at $0.1.
• SHIB: Down 11.3% in 24 hours, trading at $0.00001511.
• BABY: Down 17.2% in 24 hours, trading at $0.000007985.
• WIF: Down 16.8% in 24 hours, trading at $1.6.
• BONK: Down 10.7% in 24 hours, trading at $0.00002.
• FLOKI: Down 12.2% in 24 hours, trading at $0.0001313.
• BRETT: Down 20% in 24 hours, trading at $0.104.

Check Today's Crypto Market:

Crypto is Experiencing a Bearish Trend

This decline in memecoin prices occurred amidst a broader bearish trend in the cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, fell about 5% in the last 24 hours.

Memecoin Price Factors Drop

Some factors that may have contributed to memecoin's decline include:

1. Negative Market Sentiment

Investor sentiment towards cryptocurrencies overall is negative, due to concerns about inflation, rising interest rates, and a potential global recession.

2. Lack of Utility

Many memecoins are criticized for their lack of utility or real use cases. This makes them more vulnerable to speculation and market volatility.

3. Sales by Whales

Large investors, or “whales”, may sell their memecoins to realize profits or move funds to other assets.

The Impact of the Drop in Memecoin Prices

A decline in the price of memecoins could hurt investors who have purchased these coins. Investors who purchased memecoins at higher prices may experience significant losses.

This decline could also slow down the growth of the memecoin market as a whole. New investors may be hesitant to invest in memecoins due to high volatility and speculation.

Looking for Information and Strategies for Memecoin Investors

While this price drop may be worrying, there are a few things memecoin investors can do:

1. Keep Calm and Focus on the Long Term

The cryptocurrency market is known for its volatility. Long-term investors may want to stay calm and avoid impulsive decisions driven by panic.

2. Learn the Fundamentals of the Memecoin Project

Don't just focus on popularity or hype. Learn the fundamentals of the memecoin project interests, such as the development team, roadmap, and potential use cases.

3. Diversify Portfolio 

Avoid placing all the eggs in one basket. Diversify portfolio with established crypto assets and other projects that have long-term growth potential.

4. Consider a Dollar-Cost Averaging (DCA) Strategy

DCA is an investment strategy in which You invest the same amount of money periodically, regardless of asset price. This can help reduce the risk of buying assets at record prices.

5. Follow Market News and Analysis

Stay updated with the latest market news and analysis to understand the factors that influence memecoin prices.

Also Read How To Buy Crypto:

Conclusion

The decline in memecoin prices is a reminder that the cryptocurrency market can be very volatile. So, even though currently memecoin has seen its price plummet, in the future memecoin may experience a drastic price increase.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.