Pepe and Dogwifhat Follow Bitcoin in Sharp Decline, Meme Coin Rally End In Sight?

As Bitcoin declines amid shifting market dynamics, meme coins like Pepe and Dogwifhat drop, raising concerns over the sustainability of the crypto rally.
By Coingape Staff
Updated 1 day ago
Bitcoin Price Analysis

Highlights

  • Bitcoin's value drops as demand for US exchange-traded funds wanes and concerns about Federal Reserve policy loom.
  • Meme coins like Pepe and Dogwifhat follow suit, experiencing notable declines in prices.
  • Uncertainty persists in the cryptocurrency market, with analysts divided over the future trajectory of Bitcoin and meme coins amidst ongoing market pressures.

In recent days, Bitcoin has faced a notable downturn, largely influenced by a confluence of factors including a cooling demand for US exchange-traded funds and shifting perceptions surrounding Federal Reserve monetary policy. This resulted in a sharp decline of up to 5.3% in Bitcoin’s value, ultimately stabilizing around $66,735 during trading hours in Singapore.

Alongside Bitcoin’s retreat, tokens popular among meme enthusiasts, notably Pepe and Dogwifhat, also experienced substantial drops in value. This collective decline has triggered concerns within the cryptocurrency market, indicating a broader trend of weakness exacerbated by ongoing economic pressures in the United States and a recalibration of investor sentiment regarding potential Federal Reserve interest-rate adjustments.

Advertisement
Advertisement

Impact on Meme Coins

The decline in Bitcoin’s value has had a significant impact on meme coins, including Pepe Coin and Dogwifhat, both of which have witnessed notable decreases in their prices. Pepe Coin, in particular, suffered a substantial drop of 12.07% within the past 24 hours and is currently trading at $0.0000072968, reflecting the broader market sentiment.

Similarly, Dogwifhat, which recently surged to become the third most valuable memecoin with a market capitalization of $4.4 billion, experienced a decline after reaching an all-time high of $4.85. These downturns indicate a potential end to the rally in meme coins, as investor enthusiasm wanes amidst broader market uncertainties and the significant decline in Bitcoin’s value.

Also Read: XRP Price: 925 Mln Coins On The Move As Price Slips To $0.60, What’s Next?

Advertisement
Advertisement

Bitcoin’s Supply Dynamics and Market Performance

Despite expectations of a positive impact stemming from the halving of new Bitcoin tokens this month, a cyclical event perceived by some traders as supportive of the cryptocurrency. Bitcoin’s recent performance has been mixed. Since reaching a peak of $73,798 in mid-March, Bitcoin has encountered challenges, shedding about 10% of its value. This decline has coincided with a slowdown in daily inflows into US spot-Bitcoin ETFs, signaling a shift in investor sentiment.

Presently, the live price of Bitcoin stands at $66,524, with a 24-hour trading volume of $32 Billion, marking a decline of 4.39% within the past day. Market analysts hold differing perspectives on Bitcoin’s future trajectory, with some anticipating further gains driven by the impending halving event, while others express caution due to the cryptocurrency’s significant price appreciation since early 2023 and the prevailing market uncertainties.

Also Read: Bitcoin ETF Flows Turn Negative As Q2 Begins, Halving Excitement Ends?

Advertisement
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.