Speculative Fervor Cools for Meme Coins… Without a Bitcoin Rebound, a ‘Long Winter’ Looms

▲ Meme coins plunge/ChatGPT-generated image ©

As Bitcoin (BTC) broke below the 100 million won support level, sending “extreme fear” across the broader crypto market, the highly volatile meme coin sector was also hit hard. Major meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have plunged simultaneously, rapidly cooling investor sentiment.

[Meme Coin Market] “The joke is over”... Major meme coins tumble together

As of 7:13 a.m. on the 19th, according to global cryptocurrency data site CoinMarketCap, the total market capitalization of meme coins stood at $31.3 billion, down 3.16% from 24 hours earlier. Trading volume also fell 11.64% to $2.57 billion, signaling a noticeable decline in market activity.

Dogecoin (DOGE), the leading meme coin, dropped 2.69% over the past 24 hours to $0.09811, remaining under pressure. Shiba Inu (SHIB), ranked second by market cap, fell 3.45% to $0.000056286, while Pepe (PEPE), which had recently drawn strong market attention, declined 4.25% to $0.0000054217. Bonk (BONK), a Solana-based meme coin, also recorded a sharp 5.47% drop.

Meanwhile, MemeCore showed a short-term rebound attempt, rising 1.06% compared to an hour earlier, but it appears insufficient to reverse the broader downward trend.

[Causes of the Decline] Speculative sentiment weakens... Moving in tandem with Bitcoin’s downturn

The synchronized decline in the meme coin market is attributed to macroeconomic uncertainty weighing on the overall crypto market and Bitcoin’s weakness. As risk-off sentiment intensifies, capital outflows have accelerated from meme coins, which rely more on community momentum and speculative demand than on fundamentals.

In particular, as Bitcoin showed fragile price action around the $66,000 level, selling pressure intensified on highly volatile meme coins among altcoins. Despite a rebound in the New York stock market, the decoupling phenomenon—where only the crypto market remains weak—has further heightened anxiety among meme coin investors.

[Outlook] A shakeout begins... High risks in chasing a big score

Experts predict that weakness in the meme coin market is likely to persist for the time being. Unless overall investor sentiment recovers, one-off positive developments in individual meme coins will be insufficient to reverse the trend.

However, a differentiation process within the meme coin sector may emerge. Certain projects could display distinct movements depending on community strength or development progress, but the overall market environment still calls for a cautious approach. Rather than rushing into bargain hunting, investors are advised to closely monitor whether Bitcoin secures key support levels and to watch macroeconomic indicators before making careful decisions.

Disclaimer: This article is for investment reference only and we are not responsible for any losses resulting from investment decisions based on this content. The information provided should be interpreted for informational purposes only.