Amid the correction phase of the market, memecoins are witnessing massive price drops. The meme coin market is facing a 6% decline in market cap and fading hype as the trading volume is decreasing. Among the lead decliners are Dogecoin (DOGE) and Pepe (PEPE), showing red price charts and a substantial price retracement.
PEPE Price Declines Amid Fading Memecoin Hype
PEPE price has witnessed rollercoasters in 2024, with massive breakouts. Despite its recent market hype after the announcement of Coinbase to list Pepe futures, the meme coin has failed to come up with investor expectations. PEPE price is declining with massive whale transactions offloading their tokens for better investment avenues.
PEPE price is declining by 7% on the intraday chart, with a falling trading volume suggesting a shift in investor sentiment. Trading at $0.00000690, charts have confirmed that PEPE will retest the support levels, likely dropping below. These trendlines can fuel massive selling pressures for the memecoin, leading the PEPE price to drop at $0.0000055 again.
DOGE Retraces 12% Amid Bearish Market Sentiment
Dogecoin (DOGE) is also the favorite among the memecoins backed by leading industry figures. Despite a surge in non-empty wallets, DOGE has failed to sustain the hype of DOGE Day. Whales are dumping their tokens for a sustainable growth venture in other deFi projects, mitigating risks of investment in memecoins.
Analysis of DOGE suggests a bearish pattern for the next few days. The memecoin is declining by 12% on the weekly chart, trading at $0.141. Technical indicators like the Relative Strength Index (RSI) are below 40, indicating selling pressures for the token, amid the shifting market.
Memecoin Investors Eye DTX Exchange’s $475,000 presale
While memecoins are moving below the belt, DTX Exchange has emerged as a significant opportunity, poised to displace many legacy meme projects with its real-world utility and deflationary tokenomics.
The project has emerged as a top-performing presale of 2024. Currently, in its stage 2, DTX Exchange has raised $480,000 within a few days. The project closed the private seed round with an astonishing $2 million. As the market is expected to surge post-halving accumulation, DTX is setting the stage for remarkable gains and massive upside potential.
DTX Exchange (DTX) Ready To Surge Past $1 In Q2
DTX Exchange (DTX) offers unique trading solutions for traders looking to trade in diverse financial markets. The platform offers a 1000x leverage feature and access to multiple markets including stocks, cryptos, forex, and CFD where traders can take higher market positions with low capital and yield ten-fold returns on investments.
The platform offers unprecedented growth prospects with robust security by utilizing the fundamentals of blockchain technology. Through non-custodial wallets and no-KYC requirements, users can enjoy free trading without third parties, maintaining full access to their digital funds.
As the global traction for DTX Exchange is increasing, the project is expected to conclude its presale much faster than anticipated. Analysts project its price to moonshot beyond $1 when the DTX token hits major exchanges. The current price point of $0.04 offers a perfect opportunity to take early positions in the project.
Learn more:
Visit DTX Presale
Read Whitepaper
Join The DTX Community
The post Massive Move Expected: Memecoin Downtrend Continues as DOGE & PEPE Tank, Investors Choosing New Exchange Token Worth $0.04 Instead appeared first on Blockonomi.
