The Meme Coin Market Faces Significant Decline
This week has seen a sharp drop in the activity of the Meme coin market, with the market value falling by 5% in the past 5 days. Many meme assets have suffered losses, with some popular tokens experiencing double-digit declines.
DogWeHat (WIF) Records Losses Amid Short Selling
Among the top five emoticon assets by market value last week, WIF saw the largest decline. Currently trading at $1.48, the altcoin has lost 20% of its value. Short traders have taken advantage of this decline, leading to a negative funding rate for WIF.
As the Relative Strength Index (RSI) trended downward at 38.22, indicating increased selling pressure, the spot market demand for WIF also decreased significantly.
PEPE Faces 23% Decline Due to Intensifying Selling Pressure
Pepe, the frog-themed coin, is currently trading at $0.0000075, down 14%. With a declining accumulation/distribution (A/D) line and negative chaikin funds flows (CMF), the selling pressure on PEPE is increasing.
If buying pressure remains low, PEPE’s price could drop by 23% to $0.0000058. However, a surge in demand could push the price to $0.0000085.
BONK Leads the “Death Cross” Pattern
BONK is currently facing a potential “death cross” as the 50-day simple moving average crosses below the 200-day moving average. This bearish trend suggests a weakening short-term rally for BONK.
With a current price of $0.000018, down 11% this week, BONK could see a further drop to $0.0000015 if the “death cross” pattern continues. However, a rebound in demand could lead to a price increase to $0.000022.
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