The cryptocurrency market has been facing challenges recently. Following the FED’s interest rate decision, the price of BTC started declining despite positive inflation data, dropping from $70,000 to $58,500. While currently above $60,000, some analysts predict a potential drop to $54,000. Amidst this turbulence, what is the fate of meme coins like BONK, PEPE, SHIB, and the talked-about altcoin Ethereum?
BONK Coin Price
BONK, a prominent meme coin project on the Solana network that made waves in late 2023, is currently facing a downturn due to the airdrop phenomenon associated with SAGA phones. As of now, BONK has witnessed a 6.32% decrease in the last 24 hours, with its price sitting at $0.00002274. While there’s a 13% increase in the 7-day outlook, the 30-day outlook reveals a discouraging 43% drop. The market cap of BONK has dwindled to $1.55 billion, accompanied by a 36% decline in the 24-hour trading volume, now at $178 million. These figures indicate dwindling interest in both cryptocurrencies in general and BONK specifically.
Pepe Coin Analysis
PEPE emerged as a surprise contender in 2023, following in the footsteps of DOGE and SHIB as a meme coin that disrupted the market. Initially bringing vigor to the Ethereum network during a lull period, PEPE’s remarkable performance garnered attention. However, despite hitting new all-time highs during the market surge fueled by BTC in March, PEPE has encountered substantial price setbacks and continues to face challenges. Having experienced a 6% drop in the past 24 hours, PEPE is now trading at $0.00001162, with its market cap declining to $4.890 billion. The coin’s trading volume has also fallen by 5%, slipping below $500 million.
Ethereum Price in TRY
Ethereum, the second-largest cryptocurrency by market cap, has been a frequent topic of discussion since late May. While showing a modest 0.55% increase in the last 24 hours, Ethereum’s price remains distant from the levels around $2,900 observed before May 23. The crypto’s market cap stands at $407 billion, signaling a defensive stance around the critical $400 billion mark. Moreover, the 24-hour trading volume rose by 5.39%, hitting $12.6 billion. In terms of the Turkish Lira (TRY), Ethereum is currently priced at 111,800 TRY.
Rumors are circulating that spot ETFs may receive approval by the middle of the following week, potentially triggering substantial price movements akin to those witnessed with BTC.
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Disclaimer: This article does not provide investment advice. Investors should note the high volatility and risk associated with cryptocurrencies and conduct thorough research before making any investment decisions.
