The memecoin sector experienced a significant setback as popular tokens like SHIB, WIF, and PEPE witnessed sharp corrections in their prices. The downfall coincided with Bitcoin’s drop below $67,000, which triggered a market-wide depreciation affecting these meme-based cryptocurrencies. Traders, in particular, exhibited bearish sentiments towards PEPE, leading to a substantial decline in its price along with SHIB and WIF.
Amidst the recent market turbulence, memecoins like WIF, PEPE, and SHIB faced significant fluctuations in their prices, with WIF losing 21.33% of its value, while SHIB and PEPE saw drops of 12.50% and 19.23%, respectively. Despite the setback, WIF maintained high social media activity, indicating strong community engagement compared to PEPE and SHIB. The future price trajectory of these memecoins will likely depend on their ability to generate more interest among social media users.
The sentiment surrounding SHIB and PEPE remained positive according to Santiment’s data, highlighting a growth in weighted sentiment towards these tokens. In contrast, WIF faced challenges as its sentiment declined significantly, mainly due to the recent price drop. Traders seemed neutral towards WIF and SHIB, while showing bearish tendencies towards PEPE with a notable increase in short positions. This scenario underscores the volatility inherent in the memecoin sector and the importance of community support in sustaining prices.