Meme Coin Season May Be Over As PEPE, SHIB, DOGE, Continue Decline
Momentum in the crypto market has ground to a near-halt over the last couple of days and meme coins are suffering the most for it. As market participants remain wary of their investment options, the likes of PEPE, SHIB, and DOGE have continued to decline, signaling an end to the short meme coin bull run experienced in April.
Meme Coin Momentum Slows Significantly
Meme coins have been one of the hardest hit presently as both large and small meme coins have been on a decline. For example, PEPE, a meme coin that rose into prominence in April, has lost over 60% of its early May all-time high value and is still recording losses of 7.5% in the last 24 hours.
Likewise, Dogecoin (DOGE), the largest meme coin in the space has not had it easy as well. The digital asset is still holding on to its support above the $0.07 but bears continue to threaten its ability to recover. Just like PEPE, DOGE is seeing a decline in the last day, albeit to a lesser degree, with 1.8% losses during this time period.
Next on this list is SHIB which is currently the only one of the top meme coins that are recording some semblance of gains. But even its gains so far have been meager and losses are the order of the day on the larger 7-day scale. SHIB is still below its critical $0.000009 resistance but has risen 1.7% in the last day.
Others such as Baby Doge Coin and Floki are seeing losses in the 24-hour and 7-day charts as well. As a result, the total meme coin market cap is down 2.6% in the last day and is now sitting at a $17.13 billion capitalization, data from Coingecko shows.
DOGE trading low at $0.073 | Source: DOGEUSD on TradingView.com
Is It Time To Buy PEPE, SHIB, Or DOGE?
The current market climate makes it so that cryptocurrencies are presenting what some would call a great buying opportunity. This is because for a lot of these assets to return to their previous highs, it would mean an at least 100% increase from their current market price.
Since cryptocurrencies have been consolidating for a while, a breakout could be imminent and this would mean buying assets such as PEPE, DOGE, and SHIB at current prices could present as a good entry point for good profits.
However, this only works if the market bottom is truly in. With cryptocurrencies being very volatile, they could just as well swing downward from this point, leading to more losses for investors.
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