When Bitcoin Wobbles Meme Coins Collapse Leave the Door Open for Further Declines
When Bitcoin Wobbles Meme Coins Collapse Leave the Door Open for Further Declines
As the cryptocurrency market led by Bitcoin reels from the shock of a so-called “Black Thursday,” the meme coin sector, which is heavily driven by speculative demand, has been hit particularly hard. Amid heightened macroeconomic uncertainty and a sell-off in tech stocks on the New York markets, risk appetite has evaporated, sending meme coins into simultaneous double-digit declines.
As of 7:07 a.m. KST on the 6th, data from cryptocurrency market tracker CoinMarketCap show that the total market capitalization of meme coins shrank to $28.1 billion, down 13.31% from 24 hours earlier. The pervasive fear weighing on the broader market appears to have triggered panic selling in the highly volatile meme coin segment.
Market leader Dogecoin (DOGE) fell 13.25% day on day to $0.08826, breaking key support levels, while Shiba Inu (SHIB) tumbled 13.49% to trade at $0.000005650. Notably, emerging heavyweights that had led the market in recent weeks—such as Pepe (PEPE, -14.85%), Bonk (BONK, -14.01%), and Floki (FLOKI, -15.04%)—also posted losses near 15%, struggling to find footing.
Even the politically themed Trump (TRUMP) coin plunged 15.30% to $3.48. The drop is interpreted as a reaction to comments from U.S. Treasury Secretary Scott Bessent, who said there would be “no crypto stimulus,” dampening market sentiment.
This steep sell-off in meme coins is attributed to a “triple whammy” of negative factors: a Nasdaq tech stock rout driven by AI bubble concerns; recession fears stemming from a slowdown in the U.S. labor market; and a collapse in market psychology following Bitcoin’s fall below $63,000. CoinMarketCap’s Fear & Greed Index deteriorated further to 11, indicating “Extreme Fear” and ongoing panic selling among investors.
The outlook remains bleak. According to data from decentralized prediction platform Polymarket, the probability of Bitcoin recovering to $70,000 within February is estimated at below 50%. There is also a 26% chance that it stays below $65,000, suggesting that if Bitcoin fails to reclaim key support levels, further declines in highly volatile meme coins may be unavoidable.
Experts warn that “as correlation between the New York stock market and the crypto market continues to intensify, a rebound in meme coins will be difficult as long as macroeconomic uncertainty persists,” adding that “meme coins with weak fundamentals, in particular, may show limited resilience during downturns, requiring extra caution from investors.”
*Disclaimer: This article is for informational purposes only and does not assume responsibility for any investment losses incurred based on its content.*
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