The aggregated market cap of meme coin has dived by 40.3% in the past 30 days, according to data from CoinMarketCap, and currently stands at $62.8 billion.
Since their December post-election peak, the value of this entire category has dropped by more than 50% as market sentiment shifted after the Federal Reserve decided to stop cutting interest rates.
Fears that inflation could spiral out of control prompted the central bank to revisit its expansionary policy.
Meanwhile, the Bybit hack last week added extra fuel to the bonfire and prompted traders to dump most digital assets during the weekend.
Last Friday, the Chief Executive Officer of the exchange, Ben Zhou, informed through X that one of the exchange’s Ethereum (ETH) cold wallets was breached.
The hackers siphoned over 400,000 ETH and stETH tokens that were worth over $1.5 billion and transferred them to multiple addresses to launder the money and obfuscate the digital trail.
Even though the exchange has already refueled its ETH reserves to close the gap and maintain a 1:1 ratio with its clients’ assets, the market was still shocked that hackers managed to compromise a large centralized exchange (CEX) so easily.
DOGE is Down 13.2% in the Past 7 Days – Can it Recover?
All meme coins have suffered heavy losses in the past 7 days, starting with Dogecoin (DOGE), whose price has retreated by 13.2% during this period.
Moreover, other smaller assets like Official Trump (TRUMP), Pudgy Penguins (PENGU), and Popcat (POPCAT), have faced even worst setbacks of 15.2%, 16.7%, and 22.3% respectively in the past week as well.
Today, the price of DOGE is dropping below a key support area that it had been building in the past few days as news of Bybit’s hack appears to be prompting a significant sell-off across the entire crypto space.
Now, the next area of support to watch stands at $0.2047, which translates into a downside potential of 11% based on today’s price.
Momentum indicators have sent a sell signal as the Relative Strength Index (RSI) has moved below the signal line, while the MACD’s histogram shows steadily decreasing positive momentum bars and seems poised to enter negative territory.
Meanwhile, for long-term holders, DOGE is down 50.7% from its December peak. If they believe that the price of this meme coin could start to recover once it hits the next support area, this could be a great buying opportunity.
These kinds of drawdowns are not a rare instance in the crypto market. Only those who have endured these harsh periods have benefitted from the upcoming rebound.
For those who believe that Bitcoin (BTC) is still poised to reach a new all-time high this year, BTC Bull Token (BTCBULL) is lining up to become one of the best crypto ICOs of the year amid its attractive milestone-based reward system.
BTC Bull Token Nears $3M Raised as Maximalists Pile into the Token
Bitcoin (BTC) has one of the most loyal groups of fans and followers in the crypto space. This explains the success of BTC Bull Token (BTC) just a few days after its launch, as its milestone-based compensation scheme gives holders the chance to benefit from BTC’s upcoming rallies.
Just a few days after the project’s presale kicked off, it had already attracted $2.73 million from investors.
Once BTC rises to $125,000, a portion of BTCBULL’s total supply will be burned to compensate token holders by making the asset scarcer.
Meanwhile, once the crypto assets surge to $150,000, BTCBULL investors will receive an airdrop of BTC tokens directly into their wallets.
These BTC purchases will be funded with the proceeds of the presale event, while the launch team will also distribute rewards via staking and other mechanisms.
To buy BTCBULL, head to the BTC Bull Token website and connect your wallet. You can either swap USDT, ETH, or BNB for this token or use a bank card to make your investment.
