Why Dogecoin and meme coins are crashing even after SEC guidance on memes
Cryptos | 02/28/2025 15:19:05 GMT
Dogecoin price trades down by 6% on Friday, and Solana meme coins wipe 9% from market capitalization, following SEC guidance.
SEC says meme coins are generally not securities under federal law but fails to catalyze recovery in the category.
Bitcoin recovers slightly after a drop below $80,000 ushers market-wide correction, causing extreme fear in traders.
Dogecoin (DOGE) and meme coin prices struggle amidst a crypto market-wide correction on Friday. Two key market movers for the sell-off are Bitcoin’s drop below the $80,000 support and the US financial regulator Securities and Exchange Commission’s (SEC) guidance on meme coins, published on Thursday.
Dogecoin and meme coins face price crash
Dogecoin and meme coins like Shiba Inu (SHIB), Pepe (PEPE), and Official Trump (TRUMP) are hit by a price correction in response to the crypto market crash. Data from CoinGecko shows a nearly 4% decline in the market capitalization of Solana-based meme coins, down to $8.7 billion at the time of writing.
