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News Explorer — Memecoin Phenomenon Cools as Dogecoin, PEPE Slip

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Apr 24, 12:24 pm

Decrypt

Memecoin Phenomenon Cools as Dogecoin, PEPE Slip

Meme coins have seen a sharp decline in value over the past week, with the majority of top-ranked meme coins slipping by double digits. The surge in meme coin trading was driven by short-term gains, as traders sought to capitalize on news related to the meme coin and its underlying meme. However, Bitcoin's downturn and the "sell the news" effect on Dogecoin have caused the meme coin phenomenon to fizzle out.

Meme coins have seen a sharp decline in value over the past week, with the majority of top-ranked meme coins slipping by double digits. The surge in meme coin trading was driven by short-term gains, as traders sought to capitalize on news related to the meme coin and its underlying meme. However, Bitcoin's downturn and the "sell the news" effect on Dogecoin have caused the meme coin phenomenon to fizzle out.

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