SHIB, DOGE, WIF Plunge Amid Widespread Market Crash

TL; DR

The meme coin sector has seen a significant decline, with its market cap down 5% in the last 24 hours.
Despite the fall, the upcoming Bitcoin halving could trigger a rally, which could be a rebound for meme coins due to their volatility and tendency to follow BTC's price trend.

The Mem coin sector glows red.

The cryptocurrency market is going through a severe correction in the last several days, Bitcoin (BTC) in short Nasal discharge To $60,000 Ethereum (ETH) dropped below the $3K level.

The situation in the meme coin sector is even worse, the market cap has lost about 5% in the last 24 hours and currently stands at around $47 billion. The main assets of this type – Dogecoin (DOGE) and Shiba Inu (SHIB) are down 27% and 22% on a weekly basis. Dogwhiphat (YFF), Pepe (PEPE), FLOKI (FLOKI), BONK (BONK) and others fell by double digits.

A few exceptions that haven't dipped as much in the past seven days are Solana-based meme coins – Slerf (SLERF) and Cat in a Dog World (MEW).

Earlier this week, the latter It is a witness. A 100% daily price increase, the market capitalization exceeded $500 million in a short period of time. The rally took place shortly after major crypto exchange OKX. It is allowed Marketing services with MEW.

Is another bull run in the cards?

While the current negative trend may discourage some traders, they should remember that the meme coin sector is very volatile and may experience a new revival in the near future.

It may be that something important is approaching that can fuel significant arousal. Halving Bitcoin. The event is scheduled for tomorrow (April 19), when miners will start receiving twice as much BTC for validating blocks on the blockchain.

The halving followed a major bull run for major cryptocurrencies and the market as a whole in previous years, with many analysts expecting similar trends in the coming months. This can cause a rally for many altcoins and meme coins as they often follow the price of BTC.