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Memecoins appear to be facing a downturn due to macroeconomic factors and a decrease in investor sentiment, just a few days before the Bitcoin halving. Generally, the declines experienced in Bitcoin and other altcoins have also negatively impacted meme coins. So, what is happening with meme coins?
Past Meme Coin Rallies
A Bitcoin rally emerged in mid-March, followed by a meme coin frenzy that saw incredible demand from the community. This situation was significantly influenced by the emergence of hundreds of meme coins on the Solana network.
This situation showed an increase due to the approval of Bitcoin ETFs and the inflow of funds into the market, paving the way for BTC to reach all-time highs.
Traders, after subsequent declines, waited for the halving to understand whether meme coins generally shifted to a bullish outlook along with the overall market sentiment.
With less than two days left until the halving and continuous exits in cryptocurrencies, it was not surprising to see a decline in meme coins. However, a recent recovery in Bitcoin has opened the way for some charts to turn positive.
Current Status of Meme Coins
Dogecoin (DOGE) displayed a negative outlook despite a 3.2% rise in the last 24 hours, due to a 21% drop this week. As of writing, DOGE is trading at $0.1505, and regaining the $0.15 level was of great importance. Whether the price will stay above this level is already a subject of curiosity.
On the other hand, there were increases in market cap and 24-hour trading volume. After the increase, the market cap reached $21.6 billion, while the 24-hour trading volume rose by 12% to $2.1 billion.
Shiba Inu (SHIB), the second largest meme coin by market volume, saw a 2.7% increase in the last 24 hours. However, losses throughout the week seem to have erased previous gains.
SHIB’s drop this week appears to be around 20%, and the 24-hour trading volume has decreased by 14% to $542 million. As of writing, SHIB ranks 11th in terms of volume.
Meanwhile, attention was on WIF and PEPE, ranked 3rd and 4th. WIF seemed to be getting back on track, having surpassed PEPE in recent days. As of writing, WIF is trading at $2.54, having risen by 6.47%. PEPE, after a 2.53% increase, is trading at $0.000005113.
With less than 2 days to the BTC Halving, how this will impact meme coins is already a subject of great interest.
