#DEGEN Why did it plummet? Why have we let our fans and friends go through several waves in a row!!!
From a logical analysis (fundamentals)
No practical use: DEGEN is a meme coin, purely speculative, with no real value support. Once the hype decreases, the price is prone to collapse.
Heavy selling pressure: Large amounts of tokens may be unlocked (such as airdrops or team cash-outs), with many sellers and few buyers, causing the price to drop.
From a news analysis
Negative news: For example, large holders dumping, project team running away, exchanges delisting, or an overall market downturn (when Bitcoin drops, meme coins tend to follow).
Technical analysis
Breaking key support levels: For instance, previously $0.01 was a strong support level; once it breaks, more people panic sell.
Indicators worsening: RSI oversold, volume increasing but price falling, indicating that funds are fleeing.
Anomalies in on-chain data: Large wallets transferring coins to exchanges, possibly to dump.
Summary
The plummet of DEGEN is usually caused by the combination of "no value + negative news + technical breakdown." Meme coins carry extremely high risks, and dramatic rises and falls are the norm; participate cautiously!
This market changes every day; timing is crucial when taking action. If you are still too confused, you can follow me; I usually share some cutting-edge information and practical strategies. Feel free to discuss anytime and let's seize big opportunities together!
