The recent market downturn has had a significant impact on meme coins, with Pepe (PEPE) experiencing a 24% decrease in price over the last seven days. This decline is not unique to Pepe, as other meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also saw decreases of 16% and 18% respectively. Even major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) were not immune to the market crash, with Bitcoin falling by 8% to trade at $63,458.
The market-wide crypto dump began on Friday following an attack by Iran on Israel, creating global uncertainty that led to people exiting riskier assets like Bitcoin. This event triggered a chain reaction that affected a wide range of cryptocurrencies, including meme coins like Pepe. The timing of this downturn coincided with the weekend, which saw the bulk of the losses for many coins, including Pepe.
March was a significant month for many leading coins, including Pepe, as it catalyzed a rally that peaked in mid-March when Pepe hit a new all-time high of $0.00001064. However, the current price of $0.0553 represents a pullback of nearly 50% from this peak. Despite the losses, there is hope that the market will rebound after Bitcoin’s halving on April 20, as has been the case in previous halving events.
Analysts are hopeful for a bull run in the cryptocurrency market following Bitcoin’s halving, as historically prices have rallied due to a supply squeeze caused by the reduction in mining rewards. Meme coins, in particular, are expected to benefit from the halving event, with projects like Slothana gaining popularity and attracting significant investment.
Slothana, a new Solana meme coin, has garnered attention from traders who have invested over $10 million in its ICO in just three weeks. The upcoming 4/20 date is seen as an opportunity for Slothana to capitalize on the popularity of meme coins and attract more investors. The presale for Slothana is currently open, providing interested parties with the chance to participate in the project’s early stages.
It is important to note that investing in cryptocurrencies, especially meme coins, carries a high level of risk. While there is potential for significant gains, it is also possible to lose all invested capital. This article is for informational purposes only and should not be considered as investment advice. Individuals should conduct their own research and consider their risk tolerance before investing in cryptocurrencies.
