Pepe, Safemoon, and Dogelon Mars costs have retreated up to now few months as demand for meme cash dropped. The Pepe token worth dropped to a low of $0.000001 and is approaching its all-time low. Equally, Safemoon worth dropped to a low of $0.00014, which is over 60% beneath the year-to-date excessive.
Different meme cash additionally continued promoting off. For instance, Dogelon Mars worth has dropped by greater than 74% from the YTD excessive. The identical development is true with Milady Meme Coin, Shiba Inu, and Shiba Saga.
Meme cash and different cryptocurrencies are going through main headwinds. Like different digital cash, the general quantity of meme cash traded in exchanges has been in a powerful downward development. The amount of Pepe traded up to now 24 hours stood at over $43 million. At its peak, its quantity was over $500 million.
Shiba Inu’s quantity in the identical interval stood at over $99 million whereas Dogelon Mars stood at over $7.7 million. Safemoon’s quantity was simply $1.09 million in the identical interval.
The opposite main headwind is on laws. The Securities and Change Fee (SEC) determined to sue Coinbase and Binance.
Whereas the SEC has misplaced a number of lawsuits just lately, there’s a chance that these circumstances may have a serious impression on the crypto business. Lately, Binance has seen a number of senior executives stop, signaling that insiders are fearful in regards to the firm.
US hovering rates of interest
One other large difficulty is on financial coverage in the US, the place the Federal Reserve has maintained a hawkish tone just lately. It has pushed rates of interest to the very best stage in additional than 20 years.
The impression of those price hikes is that many individuals, particularly in the US, have moved to secure havens. Two of the preferred secure havens are certificates for deposits (CDs) and cash market funds. These havens are have a risk-free yield of greater than 5%.
Like different cryptocurrencies, Pepe, Safemoon, and Dogelon Mars are ready for the result of SEC’s ETF evaluate. Most analysts imagine that the SEC will approve at the very least one Bitcoin ETF. Such a transfer might be useful to Bitcoin and different cryptocurrency costs. In most durations, Bitcoin has an in depth correlation to those cash.
