Double-Digit Losses Hit Meme Coin Index Amid Bearish Crypto Sentiment

The once vibrant and humorous world of meme coins has taken a severe hit as SHIB, DOGE, PEPE, WIF, and BONK prices plummet. Fueled by internet culture and viral trends, these digital tokens have seen their market values nosedive, resulting in double-digit losses for the Meme Coin Index.

Source: CoinMarketCap

This sharp decline reflects a broader bearish sentiment sweeping through the crypto sector, raising critical questions about the sustainability and future of meme-based currencies. The downturn is not limited to meme coins alone, as major altcoins have also experienced significant declines.

For instance, Bitcoin dipped over 3% today as it retested the $58.3K mark, while Ethereum saw a 4.69% slump, stabilizing above the $3.2K mark.

SHIB and DOGE Prices in Bloodbath

Amid the broader market’s bearish sentiment, Shiba Inu’s SHIB and Dogecoin’s DOGE tokens have significantly declined, trading in the red. According to CoinMarketCap’s data, DOGE, the leading meme coin, has been forming lower lows, with its price ranging between an intraday peak of $0.122 and an intraday low of $0.1126.

Source: CoinMarketCap

As of press time, DOGE was trading at $0.1129, marking a 7.12% decline from the previous day and a 28% drop over the past 30 days. Should this bearish trend continue, DOGE may soon test the support level at $0.10.

Similarly, SHIB’s price is currently around $0.00001559, down by 7.65% in the last 24 hours. This marks the lowest point for SHIB since March 1, hinting at a looming bearish trend. The pessimistic market sentiment has also impacted SHIB’s market cap, which now stands at $9.18 billion—a 7.65% decrease from the previous day. Should this downward trend continue, SHIB might experience further slippage, possibly finding support near the $0.000014 level.

Source: CoinMarketCap

PEPE, WIF, and BONK Eyes Double-Digit Losses

Other meme coins have not fared any better. PEPE, known for its viral meme appeal, has suffered a 13.14% drop in the past 24 hours, pushing its price down to $0.000009387. The token has been steadily declining, mirroring the general sentiment in the meme coin sector. PEPE’s market cap has also taken a hit, standing at approximately $3.94 billion.

Source: CoinMarketCap

Similarly, WIF has not been spared from the downturn. The token’s value dropped by 12.05%, settling at $1.78. This decline has been a hard pill to swallow for investors who had high hopes for WIF. With nearly 999 million tokens in circulation, the outlook for WIF remains grim unless market conditions improve significantly.

Source: CoinMarketCap

Meanwhile, BONK, a meme coin built on the Solana blockchain, has also taken a hit. Its price has fallen by 10.67% in the past day, now at $0.00002196. Despite a brief resurgence, BONK failed to maintain its upward momentum, joining the wave of meme coins experiencing double-digit losses. Moreover, BONK’s market cap was about $1.5 billion as of this publication, with trading volumes indicating a strong sell-off.