Pepe Coin Price and Shiba Inu Price Slip, But These Meme Coins Look Bullish

The crypto market is once again in the grips of bearish sentiments, with Bitcoin on the verge of falling below the $30,000 price threshold.

Meme coins, in particular, are taking a heavy beating as their total market capitalization plummeted by 2.3% in the past 24 hours. The second largest meme token, Shiba Inu, is seeing a strong correction despite the upcoming Shibarium upgrade.

On the other hand, the Pepe coin price is in a free fall as whales are dumping their holdings, with the token down almost 16% in a week.

However, several new meme coins remain bullish. Wall Street Memes token has become one of the most talked about tokens after raising $13m through its presale, while the Thug Life token is also trending.

Shiba Inu & Pepe Coin Tumble As Crypto Market Turns Red

Shiba Inu has succumbed to the heavy selling pressure over the broader crypto market. Despite the positive developments in its own ecosystem, $SHIB has plunged over 3% over the past day, bringing its weekly loss to 2.3%.

The token fell below the $4.5 billion market cap while its 24-hour trading volume also decreased by 20%.

$SHIB has been enjoying the Shibarium frenzy, as it is up 16% over the past month. Shibarium is the layer-2 network of the Shiba Inu blockchain that will boost its scalability – faster transactions with lower costs.

According to lead developer Shytoshi Kusama, the Shibarium upgrade will likely go live in August, an event which will likely result in a $SHIB bullish surge. Even when Shibarium’s testing environment Puppynet surpassed 20 million transactions, the Shiba Inu price skyrocketed.

According to on-chain data firm Santiment, the token is seeing renewed interest from whales.

However, the positives are not enough to outweigh the macroeconomic fears enveloping the market. The next CPI inflation data will be released on the 12th of July, with the PPI data coming out the following day.

These reports will play a crucial role in the next interest rate decision by the Federal Reserve. If the central bank proceeds with its hawkish stance, the crypto market will likely see a major correction.

Pepe coin is another meme coin that h

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Author: BeInCrypto Team

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