Meme Coins Plummet 11% Amid The Crypto Crash, Sparking Scramble To Buy The Dip
The meme coin market plunged 11% in the latest crypto crash, prompting traders to seek ways to buy the dip.
Almost all of the biggest losers in the meme coin market saw prices plummet more than 20%. Mumu the Bull (MUMU) bled the most among major meme coins after it shed more than 29% of its value.
Jeo Boden Takes A Knock
The political meme coin linked to current U.S. President Joe Biden, Jeo Boden (BODEN), was the second biggest loser. Its weekly performance was shoved further into the red following a 23% drop in the last 24 hours.
As a result, BODEN was down 72% on the weekly timeframe to trade at $0.03539 as of 2:45 a.m. EST.
Biggest meme coin losers (Source: CoinGecko)
Many Solana meme coins made their way into the top 10 biggest losers list as well. Popcat (POPCAT), Catwifhat ($CWIF), Michi ($MICHI) and Slerf (SLERF) all registered some of the largest price drops.
POPCAT plunged more than 21%, while $CWIF and $MICHI recorded 24-hour losses of 20% and 23%, respectively. Sloth-themed token SLERF was the only meme coin in the top 10 loser list that saw its price fall less than 20%.
Traders Mull How To Buy The Dip As DOGE, SHIB, And PEPE Plunge
Meme coin leaders Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) all suffered 24-hour losses as well. The oldest tokens in this subset of the market, DOGE and SHIB, saw their prices drop over 6% and 7%, respectively. Investors also dumped PEPE during the past day of trading, resulting in a 11% loss.
With even the largest meme coins unable to fend off the sell volume that recently hit the market, traders and investors are looking for ways to buy the dip.
Congratulations to the early joiners who secured Pepe Unchained at the perfect time 🥂
Join now before the next stage begins! pic.twitter.com/ykaW2rAwho
— Pepe Unchained (@pepe_unchained) July 3, 2024
Some are turning to tokens that are in their ICO phase, which means they are sheltered form the current volatility while having potentially strong upside potential.
Among analyst favorites right now are the layer-2 PEPE alternative called Pepe Unchained (PEPU), the newly launched Shiba Shootout (SHIBASHOOT), seen as an alternative to SHIB, and the DOGE-derivative P2E project PlayDoge (PLAY) .
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