Memecoin (MEME) Dips Over 7% Amid Bearish Pressure as Hype Fades

The digital currency scene buzzed with activity after the 9GAG team unveiled Memecoin (MEME), but the initial excitement has shown signs of waning. In just 24 hours, MEME’s value took a 7.34% hit, descending to a modest $0.01901 at press time. The currency had previously enjoyed a soaring market cap of $256 million the day following its release, only to witness a retreat to $178 million.

Furthermore, the 24-hour trading volume dropped by 26.45% to $156,647,130, showing a drop in investor interest and activity. Despite this, the MEME ecosystem boasts 5,949 individual wallets and has facilitated over 52,702 transactions, hinting at a still engaged albeit quieter community.

Additionally, the buzz around MEME has quieted down, with social mentions plummeting by 99% since the peak of its launch, based on insights from Santiment. Significantly, most conversations have shifted from Telegram channels to quieter corners, with Reddit seeing minor engagement.

Significantly, leading trading platforms have embraced Memecoin. Binance, for example, has claimed the lion’s share of MEME’s trading volume at 44.8%, a substantial $96 million via the MEME/USDT pair. OKX, Bybit, Bitrue, and DigiFinex have also thrown their hats into the ring, listing MEME for their users.

MEME/USD Technical Analysis

The Relative Strength Index (RSI) on the MEMEUSDT 1-hour price chart moves below its signal line with a rating of 35.10, indicating that Memecoin’s momentum is now negative. This pattern suggests that the price may face additional downward pressure soon as investors liquidate their holdings and demand for Memecoin declines.

Additionally, the Moving Average Convergence Divergence (MACD) indicator indicates a bearish crossing, confirming the negative sentiment around Memecoin. The blue MACD line is moving in the negative zone and below its signal line, reflecting the bearish trend with a value of -0.000349. Furthermore, the histogram shows a succession of declining bars, suggesting a loss of momentum and corroborating the pessimistic picture for Memecoin.

MEME/USDT 1-hour price chart (source: TradingView)

In conclusion, Memecoin (MEME) faces a challenging road ahead as its initial hype fades, with indicators pointing to a bearish trend and diminishing investor interest.