Some meme coins have recently not followed the market downturn, and their traders are probably feeling quite conflicted now, such as $PNUT , $ACT , $NEIRO . On one hand, they have dropped too much earlier, and traders really want to take the opportunity to rebound with a surge. On the other hand, the overall market is not performing well, and sentiments are poor, so traders are also afraid that during the pump, they might get trapped by investors seizing the opportunity to sell.

If Bitcoin can stabilize and Ethereum improves slightly, only then will these meme coin traders be determined to seize the opportunity for a rebound from the oversold condition.