Meme coin prices are in the red today. The entire crypto market is not performing well, but meme coins are among the top losers.
Three meme coins, in particular, should worry their respective holders – FLOKI, DOGS, and POPCAT.
What you'll learn 👉
FLOKI Takes a Hit After Recent Gains
FLOKI had a very solid last week, pumping over 30% and outperforming most other top meme coins. However, amid the current market downturn, FLOKI suffered the most, which is logical – many holders were in profit from last week and decided to take some. This put significant pressure on the price, and FLOKI is now down 18% today.
DOGS and POPCAT Follow Suit
Next, DOGS, the newest sensation among meme coins on TON, had its market cap explode to over $750 million. However, a similar story to FLOKI unfolded as the market turned red, prompting traders to take profits. The current market cap is now $670 million following today’s 14% plunge.
POPCAT is also not doing well with a 12% crash. This is another meme coin that had a solid few weeks prior to the current downturn.
Even other sectors in crypto that were doing well recently, such as AI tokens like RENDER, FET, and TAO, are all down 7-8% today. The pattern is pretty clear – tokens that pumped in August took the biggest hit today.
Bitcoin’s Struggle Impacts the Market
Bitcoin’s inability to maintain the $60,000 level could be the biggest reason for the market going down this week. This has, as always, affected other altcoins. This ripple effect is particularly noticeable in the more volatile meme coin sector, where price swings tend to be more pronounced.
The recent pullback in Bitcoin’s price has created a sense of uncertainty in the broader crypto market. Investors and traders are reassessing their positions, leading to increased selling pressure across various cryptocurrencies, including meme coins.
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Show more +What’s next? It’s hard to predict, but September is historically not a good month for Bitcoin and crypto in general, so we should be prepared for more days like this, likely.
Read also: Bittensor (TAO) Signals Bull Run, Eyes $360 For Further Gains
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