Meme coins like $WIF, $PEPE, and $ANIME just got hit hard, dropping more than 50%. Airdrop hype, weak liquidity, and profit-taking have hurt investor sentiment.
Meme coins have seen some wild swings lately, with several well-known tokens like $WIF, $PEPE, and $ANIME losing over 50% of their value. This downturn has been fueled by a combination of airdrop hype, limited liquidity, and profit-taking activity, putting a dampener on investor mood.
However, even amidst this market turmoil, certain tokens have managed to stand out. For instance, $CHILLGUY has shown surprising resilience, sharply recovering from recent lows. This resilience has led analysts to set bullish targets of $60-$70 million market cap, contingent upon breaking through key resistance levels. Further gains are anticipated if this occurs.
Moreover, $BRETT’s narrative as the “King of Base” continues to gain momentum. While many meme coin trends ebb and flow, $BRETT has remained focused on building community-driven value, organizing events, and supporting real-world initiatives. This resilience has helped it maintain its stronghold during the recent downturn, setting the stage for a potential return to highs in 2024, according to many in the community.
After a steep decline of 70% from its highs, $PEPE now faces an interesting crossroads. Experienced traders note that throughout history, substantial crypto cycles have typically seen massive recoveries following significant dips.
Despite the crash, many $PEPE holders remain in profit, having bought the token at lower prices during the downturn. Additionally, sentiment has reached levels of extreme fear, which could be a good time for those who prefer to bet against the crowd to enter positions.
In other developments, newer meme coins like $ANIME and $PENGU have encountered difficulties following their airdrops. $PENGU, for example, has experienced a 70% decline from its peak due to low liquidity and short-term hype traders exiting positions rapidly. Despite this, those who support the token believe that its ongoing innovation and development of real-world use cases will ultimately determine its longevity.
Technical indicators suggest a possibility of a falling wedge breakout, which could result in a 130-150% rebound.
