Meme Coin Meltdown: PEPE, DOGE, and SHIB Crash
Key Insights:
- PEPE and DOGE dip, but market sentiment hints at a rebound.
- BONE’s impressive surge overshadows Shibarium’s challenges.
- Floki Inu’s listing on BTCTurkKripto forecasts a 400% growth trajectory.
Pepe (PEPE) has experienced a decline, reaching a 30-day nadir of $0.0000008046, influenced by adverse market reactions in the past day. At the time of reporting, PEPE was trading at $0.000000896, marking an 18.02% decrease from its daily peak of $0.000001104.
Amidst the bearish phase, PEPE’s market value and daily transaction volume decreased by 20.70% to $340.77 million and a significant 225.81% to $255.23 million, respectively.
The surge in trading activity for PEPE indicates growing enthusiasm and participation, hinting at a possible change in market sentiment. Many investors might interpret the recent dip in price as an opportune moment to acquire at a more favorable rate, potentially driving the price upward again.
An effort to break out was unsuccessful because of a need for more buying momentum. Furthermore, 16 trillion PEPE tokens were shifted to multiple CEXs. Due to these movements and alterations in the multi-signature wallet setup, PEPE’s value declined by 15%.
In the past day, Dogecoin (DOGE) experienced a price drop, moving from an intra-day peak of $0.06391 to a low of $0.0619. This bearish trend continued, with DOGE priced at $0.06239 at the time of reporting, a 2.03% decrease from its daily high.
Amidst this bearish phase, DOGE’s market value and 24-hour trading volume plummeted by 2.27% and 20.89%, landing at $8.75 billion and $225.89 million, respectively. This market value and trading volume decline mirrors the broader market retraction and investors cashing in their profits.
If DOGE slips beneath the $0.0619 threshold, it could enter a downward trajectory, targeting the subsequent support mark of $0.0600. On the other hand, should DOGE bounce back from its current position, it has the potential to gain traction and set its sights on the $0.0650 resistance point.
PEPE vs. DOGE 1-day price chart (Source: CoinMarketCap)
SHIB
Shiba Inu, which was previously in the spotlight, faced setbacks. Its eagerly awaited mainnet blockchain, Shibarium, didn’t meet the hype. The launch faced challenges, leading to a sudden rectification halt, leaving numerous backers needing clarification. As a result, 74% of SHIB owners are currently facing losses.
Specifically, 951,320 accounts now hold their tokens at a deficit, amounting to 859.44 trillion Shiba Inu tokens. However, there’s a silver lining. The Shibarium team has assured users of better days, hinting at an enhanced experience once the platform goes public.
Floki’s Upcoming Introduction on BTCTurk Kripto
Floki Inu is set to make significant strides as it gears up for its listing on BTCTurkKripto, a renowned Turkish crypto exchange boasting over 5 million users. This move is expected to bolster Floki Inu’s visibility and adoption.
Phoenix’s latest research indicates a surge in Floki Inu’s popularity. Data suggests that FLOKI’s growth trajectory mirrors that of Shiba Inu. The token’s value is forecasted to soar, potentially seeing a 400% increase from its current rate.
Shibarium: Shiba Inu’s Pioneering Move in DeFi
Shibarium, the much-awaited Ethereum Layer-2 solution from Shiba Inu, is now operational. This development is a landmark move, solidifying Shiba Inu’s position in the market. During its trial run, an impressive 21 million wallets were created.
Shibarium aims to lure users with its cost-effective and intuitive platform, primarily focusing on finance and gaming. The ecosystem will leverage BONE, TREAT, SHIB, and LEASH tokens for its blockchain functionalities, potentially boosting their demand and, subsequently, their value.
Subsequently, the BONE token’s value on Bone ShibaSwap has seen an uptick, rising over 4.26% in the past day, with its current rate at $1.44.
BONE/USD 1-day price chart (source: CoinMarketCap)
The BONE coin has witnessed a significant surge in its market cap by 10.34%, reaching $318,868,464, coupled with an impressive 86.88% jump in its 24-hour trading volume, now at $24,196,322. This uptick suggests a growing investor interest in BONE. A key factor behind BONE’s resurgence is the diminishing worries over Shibarium’s initial setbacks, with the focus now shifting to its upcoming developments.
Conclusion
In conclusion, despite a price drop, these reduced rates offer a golden opportunity for astute investors to make their moves. As platforms like Shibarium mature and more exchanges feature tokens, the crypto domain is poised for potential expansion and novelty.
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