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Following rumors of war, the memecoin market experienced a sharp pullback, with an 18% decrease in value. Despite these losses, exits from the market continue at full speed. Even though monthly gains have largely disappeared after the losses, some users refer to the upcoming Bitcoin halving as a light at the end of the tunnel.
Current State of Memecoins
Dogecoin (DOGE), the undisputed volume leader of the meme coin market, has seen a 14.5% drop in the last 24 hours, causing weekly gains to reach 11.2%.
The daily corrections are erasing the gains made by DOGE over the month and pushing it back into the red zone.
Shiba Inu (SHIB) has become part of a larger retreat after a 20% drop today, raising its weekly losses to over 15% with a daily volume of 1.2 billion dollars.
PEPE and dogwifhat also saw clear losses of 23% in the same time frame, with PEPE’s monthly decline rising to 46.1%. This could be interpreted as a shift from the memecoin boom seen in the first quarter of 2024 to a downward trend in the market.
The poor price performance of memecoins has led to a decrease in market value to 51.8 billion dollars, resulting in lower daily trading volumes.
Bitcoin and War Rumors
In recent days, rumors of Iran attacking Israel caused significant uncertainty as Bitcoin‘s price fell below $70,000. Following Iran’s actual attack, the price plummeted to the $60,000 level, dropping by 8.5%.
As of the time of writing, the price of BTC continues to trade at $62,845. The geopolitical tensions around the world seem to be driving investors away from riskier assets.
Another factor contributing to the emergence of the downtrend was the arrival of the tax deadline in the United States. According to market commentators, the weeks leading up to the tax deadline, following a year of significant inflows into valuable assets, typically bring a downturn.
This price trend may also coincide with investors making payments for capital gains recorded during the bull market. In the first quarter of 2024, both stocks and cryptocurrencies saw inflows that had not been seen for a very long time, driving them to high levels.
