🚨 Meme Coins Plunge Amid Market Turmoil 🚨
Dogecoin (DOGE) and other meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Official Trump (TRUMP) are experiencing significant price declines. Data indicates that Solana-based meme coins' market capitalization has dropped nearly 4%, now standing at $8.7 billion.
Key Factors Behind the Decline:
1️⃣ Bitcoin's Drop: Bitcoin fell below the $80,000 mark early Friday, triggering a broader crypto sell-off.
2️⃣ Bybit Hack: A recent $1.4 billion hack of the Bybit exchange has further shaken investor confidence.
Despite the U.S. Securities and Exchange Commission (SEC) clarifying that meme coins are considered collectibles and not securities, prices continue to struggle.
📉 Market Sentiment: The Crypto Fear & Greed Index has plummeted to 16, indicating "Extreme Fear" among traders—the lowest level in three years.
🔍 Analyst Insights: A report titled "Has $TRUMP Killed the Crypto Pump?" suggests that the launch of Trump Coin, alongside peaks in Pump.fun and Solana, has shifted speculative momentum. Analysts anticipate continued market consolidation and potential further declines in the near term.
Is this a temporary setback, or are meme coins losing their appeal? Share your thoughts below! 👇