In the latest price drop, meme coins lost traction and now paint a serious red. Still, Dex gems experience massive profit growth. As fearful as it may sound, Bitcoin just lost a key holding level of $107k after days of consolidation, triggered by a sharp rejection from a three-week high lately. Due to that, the price is down today with large-cap altcoins showing signs of bearishness. While low caps are painting serious bearish scenarios, meme coins are expected to suffer significant losses as the primary crypto signals a sell-off. In reaction to that, Doge just dipped below $0.16, with others posting substantial losses since yesterday. Memecoins Market Cap Drops as Crypto Cycle Nears Top With numerous on-chain metrics hinting market cycle is nearing the top, some major meme coins like Doge , Shiba and Pepe are already trading far from their recent all-time highs (ATH) after experiencing a huge crash in the first quarter. Although they recovered briefly in the second quarter of the year, and later rolled over due to growing supply. That period marked a new milestone for Bitcoin as it set a new ATH, but a sudden halt in demand has raised a question of whether it will reclaim that peak or not. From the look of things, it will likely suspend bullish following a new sell order targeted at the crucial $100k level. Potential Meme Coins Crash? As Bitcoin usually dictates the mood and direction of the market from inception, sector like the meme coin is expected to feel the heat most as many assets here may collapse to new lows and bottoms as the general market structure enters an overbought condition. Only a few tokens with a strongly driven community base will survive the coming recession. Ranging from Aura, Vader, Mori and Bone, which are wildly reacting to the latest drop in the past hours, a few meme tokens like Broccoli, Pengu and Osak are defying the market odds with notable gains on both daily and weekly scales. While some trending tokens on Alpha have cooled off, Bobby The Cat, Gold Digger and Wind are exploding massively in terms of profits on the Dex. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
