PEPE, WOJAK, TURBO Take A Nosedive As Meme Coin Euphoria Dies Down
08 May 2023 - 10:00PM
NEWSBTC
The meme coin euphoria last week grew to levels not seen since the
bull run of 2021. This renewed love for this asset class saw the
likes of PEPE, WOJAK, and TURBO record impressive growth in just a
short period with PEPE crossing the $1 billion market cap mark in
less than a month. However, this euphoria hit a roadblock over the
weekend and the meme coins are suffering as a result. Meme Coins
See Double-Digit Losses The most popular meme coins of the last
month are starting to see a slowdown going into the new week. This
has led to double-digit losses across the board for these meme
coins as it seems their euphoria has finally hit a peak. Related
Reading: BREAKING: Binance Lists PEPE And FLOKI In Innovation Zone
PEPE saw a sharp downward correction after being on an uptrend for
the better part of the week. It rallied to a new all-time high on
news of the Binance listing but the cooldown has been brutal on the
cryptocurrency, resulting in large losses. By Monday morning, the
price of PEPE is already over 10% down from its Sunday prices and
around 40% down from its Friday peak above $0.000004. This follows
a decline in its trading volume as well, indicating a drop in
interest Meme coins suffer from low weekend momentum | Source:
CoinGecko Likewise, other meme coins that did very well during the
same time period as PEPE also suffered a similar fate. WOJAK, for
example, is down 14% in one day, and the losses continue into the
one-hour chart. However, this meme coin is still seeing 127% gains
on the weekly chart. Last but not least in this report is TURBO, a
meme coin that was created by ChatGPT and ran to over $70 million
market cap. It is also the worst performer of the three after
declining 44% on the daily chart. A Weekend Of Meme Coin Losses The
weekend slowdown has affected all meme coins in the market. Even
the top dogs like Dogecoin and Shiba Inu have not been left out of
the onslaught with 2.8% and 4.5% losses respectively over the last
day. As a result of this, the total meme coin market cap fell by
3.5% to $18.18 billion as of Monday morning. Related Reading: PEPE
Market Cap Crosses $1 Billion As Gemini Listing Rumors Spread
There’s also more red than green on the meme coin lists with the
likes of Dogelon Mars, BONK, and AIDOGE all seeing losses. However,
it is not just limited to meme coins as the general crypto market
has also suffered declines during this time. As a new trading week
opens up, it remains to be seen if there will be a reversal in the
prices of these cryptocurrencies or if they will continue to bleed.
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