In the past week, the cryptocurrency market has seen a significant decline, with major memecoins experiencing sharp drops in their prices. The total market cap for memecoins has fallen to $39 billion, as Bitcoin’s price saw a dramatic decline, dropping by $10,000 from Monday to Sunday morning. The fall in crypto market following the release of the US July jobs report and ETF outflows, which contributed to a downturn in memecoins by over 25% in the last seven days.
Here’s a closer look at the performance of some popular memecoin of last 7 days:
- Pepecoin (PEPE) is down by 26.73%.
- Dogwifhat (WIF) is down by 34.21%.
- Bonk (BONK) is down by 26.09%.
What’s Ahead for PEPE, WIF, and BONK?
After facing a solid bearish trend in the past week, the future of these memecoins heavily depends on Bitcoin’s movements. Since Bitcoin failed to break out at the $70K resistance of the Bull-Flag Pattern, the crypto market saw a sharp decline. Currently, $60K is a support level for Bitcoin. If Bitcoin manages to rebound from this level, we could see a recovery in the prices of PEPE, WIF, and BONK.
For now, it’s crucial to keep an eye on Bitcoin’s price action, as its next moves will likely determine the short-term fate of these memecoins. If Bitcoin stabilizes and begins to climb again, PEPE, WIF, and BONK could follow suit and recover some of their lost ground.
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