It’s been a tough few days for Pepe and Dogecoin holders.
Both coins have dipped into the red this week as market conditions take a turn for the worse.
Yet while these established meme coins struggle, presale project Pepe Unchained is continuing to impress – passing the $50 million mark ahead of its first exchange listing.
Meme Coin Giants Take a Beating as PEPE & DOGE Lead Market Slide
Pepe and Dogecoin have taken a serious hit this week.
PEPE dropped 14% in just the last 24 hours, now trading around the $0.0000174 level.
DOGE hasn’t fared much better, sliding 13% to $0.36 and seeing its market cap shrink to $54.2 billion.
But it’s not just these two coins that are seeing a sell-off.
It’s a sea of red in the meme coin space, with MOG being hit the hardest, losing 20% of its value in a single day.
Overall, the meme coin market’s value has pulled back to $106 billion, signaling that the recent hype around these coins might be cooling a bit.
Spot trading volumes remain high – but that suggests traders are cashing out their earlier gains.
And the drop in open interest for PEPE and DOGE backs up this shift in sentiment.
So, after weeks of explosive growth, the meme coin sector seems to be finally taking a breather.
Crypto Market Turns Red as Bitcoin ETFs See Largest Outflow Since Election
The meme coin slump isn’t happening in isolation – it’s part of a broader cooldown in the crypto market.
Bitcoin has slipped 6% to $91,600, and other top altcoins, such as ETH, SOL, BNB, and XRP, are all deep in the red.
In the past day, the total crypto market cap is down 7%.
What really stands out, though, is the massive outflow from spot Bitcoin ETFs.
They just recorded their largest single-day withdrawal since Trump’s election win, with $438 million pulled out.
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Author: Felix Mollen
