Pump.fun, dogwifhat and Pepe plummet as top memecoins crash
- Pump.fun, dogwifhat and Pepe prices fell sharply on Monday.
- The downturn for the memecoins came as Bitcoin dropped to near $112k.
- Headwinds for risk assets could see PUMP, WIF, and PEPE register more pain.
Pump.fun, dogwifhat and Pepe plummeted as memecoins crashed amid fresh turbulence for cryptocurrencies.
Memecoins have come under sharp pressure as Bitcoin’s momentum cools following its surge to fresh highs above $117,000 last week.
The benchmark cryptocurrency has since slipped back toward $112,000, a retreat that has dampened broader market sentiment and triggered profit-taking across altcoins.
Memecoins are some of the big underperformers in the past 24 hours.
PUMP, WIF, and PEPE prices dump 10% or more
While Dogecoin, Shiba Inu and Bonk are among the top losers, the downturn has been particularly acute for PUMP and WIF.
Pump.fun (PUMP) reached an all-time high of $0.01214 in July.
However, with profit taking and overall downturn, the token has fallen to lows of $0.0060 following the bearish flip around $0.0089 on Sept. 14.
With a price decline of over 16% in the past 24 hours, Pump.fun mirrors the losses of Pi Network and Conflux among the 100 largest coins by market cap.
The PUMP price is down 25% in the past week, while panic selling has increased trading volume up 24% to over $598 million.
Dogwifhat (WIF), the Solana-based meme, has fared no better.
WIF has tumbled to $0.8010, down 11% in the past 24 hours.
Meanwhile, its trading volume has spiked 102% to over $256 million amid the broader altcoin weakness.
Whale sell-offs have aided bears, with the price 83% off its all-time high of $4.85.
Pepe (PEPE), the Ethereum frog-themed memecoin, also continues its slide into bearish territory.
The memecoin is consolidating near $0.0000097 after plummeting 10% over the past day.
Large sellers have pushed daily volume up by 133% to $889 million.
What’s next for memecoins?
Is the crypto market crashing a sign of more pain ahead of Uptober? Analysts say this is likely.
In the short term, the memecoin rout is symptomatic of a larger crypto market contraction, where total capitalisation has dipped below $4 trillion amid Bitcoin and Ethereum’s price crash.
A confluence of several factors is at play as stocks also shed gains on Monday.
Headwinds impacting the risk asset markets include macroeconomic factors such as Fed policy, trade and inflation dynamics.
The upcoming data release on Friday will be key, as will be the anticipated ETF approvals in the coming weeks.
A market where BTC again rallies will open up a path for memecoins amid crypto’s cyclical outlook.
The post Pump.fun, dogwifhat and Pepe plummet as top memecoins crash appeared first on CoinJournal.
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