- The prices of the buzzing meme coins cratered by double-digits in 24 hours.
- On-chain data showed that BONK might be the first mover out of the trio.
Can the developers do something? This is one question that might be rampant in the community of meme coins like dogwifhat [WIF], Bonk [BONK], and Pepe [PEPE].
You might ask why. But without going too far, the condition of the crypto market answers it all.
In the last 24 hours, the market experienced a massive correction. But out of all the categories, meme coins seem to be the most affected by the dump.
The market pulls the plug on the hype
At press time, the price of WIF plunged by 13.17%. Ethereum-based PEPE was not left out of the ambush, as its price decreased by a massive 17.02%.
BONK, which had given Solana reason to celebrate at one point, lost 21.71% of its value.
The recent decline could be attributed to the widespread profit-taking in the market. A few weeks back, the market was agog as prices across all sectors jumped. But this week, the opposite has been the case.
However, one question that could be running through the minds of traders is if the nosedive is a rare opportunity. Whether it is or not, AMBCrypto will check using on-chain data.
One metric that could tell if the decline presents a buy signal is the Social Dominance. According to Santiment, Social Dominance can help to measure the hype around projects.
At press time, WIF’s dominance was down to 0.451%. BONK decreased to 0.258% while PEPE also saw a decline to 0.795%.
This decrease was proof that the price collapse had made market participants take their eyes off the trio.
Source: Santiment
Is the decline a bargain?
But in crypto, buying opportunities usually appear when a large part of the market is not looking in a certain direction.
Therefore, the declining Social Dominance could be profitable for participants looking to “buy fear and sell euphoria.”
At the same time, that is not to say that WIF, BONK, and PEPE might not see further downsides. Another metric we looked at was the volume of the individual cryptocurrencies.
As of this writing, WIF’s volume rose to 1 billion, indicating that transactions involving the Solana-themed memecoin increased. If the volume continues to increase while the price falls, the price could decline further before it rebounds.
In PEPE’s case, the volume jumped to 1.22 billion and indicated a similar trend to WIF. Should the volume continue to rise as the price decreases, PEPE might fall below $0.0000064.
Source: Santiment
Read Pepe’s [PEPE] Price Prediction 2024-2025
However, the state of BONK’s volume was different from that of WIF and PEPE. At press time, the volume of BONK stalled and was much lower than the other two.
The inference AMBCrypto picked up from this was that the price of the token might bounce first before other meme coins follow.
