- PENGU lost 75% of its value in a month, with TRUMP facing similar fortunes too
- Memecoin sector’s market cap declined by 15% over the last few weeks on the back of weak social sentiment and liquidity
The memecoin sector is facing a severe downturn right now, with PENGU and TRUMP both nearing new all-time lows (ATL). Once high-flying tokens, both have shed significant value over the past few weeks, reflecting a broader decline in memecoin assets.
In fact, the slump has coincided with fading retail enthusiasm and a cooling off in speculative trading across the sector.
PENGU drops below key support levels
In February, PENGU has continued its January freefall, dropping from a local high of $0.04 to a press time price of $0.01 – A staggering 75% decline in just under a month.
While the token attempted a short-lived rebound at $0.025, it failed to maintain any momentum, leading to a series of lower lows.
The candlestick chart underlined sustained selling pressure, with only brief periods of relief buying. If PENGU breaks below its psychological support of $0.01, it could open the door to further downside.
TRUMP on a steady decline – Nearing critical levels
TRUMP has mirrored PENGU’s decline, dropping from a January peak of $80 to just $18 – Representing a 77.5% loss in value. Unlike PENGU, TRUMP’s decline has been more gradual, but no less severe.
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Author: Adewale Olarinde
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