It’s a bloodbath in the crypto market this week, with Dogecoin and DogWifHat taking a serious hit.

However, some newer meme coins are still thriving.

Crypto All-Stars and Wall Street Pepe continue to gain traction – and some experts suggest they could be about to explode soon.

DOGE & WIF Plunge as Meme Coin Investors Get a Reality Check

DOGE and WIF are feeling the heat right now.

Dogecoin has plummeted to just $0.29, its lowest price since November 11.

The coin has also lost an enormous $16 billion in value over the past week alone.

DOGE’s nosedive has left traders scrambling and wondering how far the OG meme coin will fall.

DogWifHat, with its signature dog mascot, isn’t doing much better.

WIF has tumbled to $1.87, a 34% drop since Tuesday’s local high.

And what’s worse, the falling open interest suggests traders are starting to lose faith in the coin.

It’s not just these two, either.

SHIB, PEPE, and BONK have also suffered double-digit losses in the past 24 hours.

The selloff is affecting all the top coins, and only Fartcoin has managed to post a small gain.

It looks like meme coin traders are again learning that what goes up must come down.

Jerome Powell’s Hawkish Stance Prompts Meme Coin Turmoil

Jerome Powell, the Fed chair, is one of the main reasons for the meme coin selloff.

His comments after this week’s rate cut sent shockwaves through the markets, and meme coins, being the most volatile corner of crypto, have been hit the hardest.

Powell’s hint that there might be fewer rate cuts than expected in 2025 spooked traders who were all about taking risks.

But it’s not just the Fed’s doing.