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The crypto market is currently facing selling pressure, and cryptocurrencies Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI and PEPE are not exempt from the bearish action, posting significant losses over the past day.
At the time of writing, Pepe (PEPE) and Dogwifhat (WIF) have each dropped 9.17% and 11.52% in the past 24 hours. Frog-themed meme coin PEPE's price was trading at 0.00001244, and the Solana-based meme coin WIF price was at $2.52, according to CoinMarketCap data.
Meanwhile, dog coins Shiba Inu (SHIB) and Floki have dropped 5% and 13.52%, respectively, over the last day. At the time of writing, the FLOKI price had fallen to $0.0002156, and the SHIB price had decreased to $0.00002136 in the previous day.
Meme coins have stolen the spotlight in recent weeks, and the recent price drop might have been induced by profit-taking as well as a general market downturn.
The crypto market led by Bitcoin has seen whipsaw trading action in the last 24 hours. Bitcoin prices rose after the Consumer Price Index (CPI) print came in higher than predicted on Wednesday. The gain, however, was short-lived, as Bitcoin's price fell following comments from Fed Chair Jerome Powell.
Bitcoin and the entire crypto market deepened losses on Thursday ahead of the release of economic data that could shed light on the Fed's future path.
The U.S. PPI monthly rate in May was -0.2%, the largest drop since October 2023, with an expected 0.10% and a previous value of 0.50%. The PPI annual rate was 2.2%, with an expected 2.50% and a previous value of 2.20%. The core PPI annual rate in May was 2.3%, with an expected…
— Wu Blockchain (@WuBlockchain) June 13, 2024
According to the data released, the U.S. PPI monthly rate unexpectedly declined in May to -0.2%, the greatest drop since October 2023, compared to an expected 0.10% and a prior value of 0.50%.
The PPI annual rate was 2.2%, compared to an expected 2.50% and a previous value of 2.20%. The core PPI annual rate in May was 2.3%, compared to an expected 2.4% and a previous value of 2.40%. This could indicate that inflation pressures are receding.
In the short term, traders are on the lookout for the market's reaction to the recently released data and to decide the next price moves, with SHIB, PEPE, FLOKI and WIF in mind.