Meme coins experienced a sharp sell-off in the past 24 hours, with popular tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) leading the decline. The total market capitalization of meme coins dropped over 14%, currently standing at $36.48 billion.
Meme coins have always been in the spotlight of the crypto market for their unprecedented gains and volatile nature. In this cycle, cryptocurrencies like Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), and Book of Memes (BOME) exceeded investors’ expectations.
As per the data on memecoins from CoinMarketCap, DOGE fell 15.73%, trading at $0.9624; SHIB fell 14.87% to $0.00001342; PEPE fell 16.25%, trading at $0.000008113; WIF fell 11.91%, trading at $1.61; BONK fell 12.21% to $0.00001947; and BOME fell 17.80%, trading at $0.006967. Another popular meme token, BRETT, crashed 21.73% and was priced at $0.1106 at the time of writing.
These meme tokens have seen significant growth since the beginning of the rally, with BONK posting 5370.77% gains in one year, WIF gaining 858.76%, BOME increasing 664.75%, and PEPE surging 366.35%. The leading meme coins, DOGE and SHIB, have remained sluggish during this rally, disappointing investors.
Considering the charts provided by TradingView for SHIB and DOGE, which show a similar trajectory, it is clear that the Relative Strength Index (RSI) has dipped into the oversold region, suggesting a potential end to the crash. However, the meme coins will have to hold their respective supports and show upward movement to flip the market.
Generally, when the RSI levels are oversold, investors may see an opportunity to purchase the best cryptocurrencies at significant discounts. The meme coin market crash could be an opportunity to buy the dip.
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