Memecoin Market Plummets Amidst Gamestop Outflows—Is This the End?

Memecoins, including Dogecoin, face a downturn, with potential for a minor rebound if they stay above $0.14, amidst broader market declines and skepticism from industry leaders.
Memecoin Market Plummets Amidst Gamestop Outflows—Is This the End?

Key Insights

  • Memecoins are dropping in price, after Bitcoin's decline and GameStop's stock outflows.

  • Different memecoins are experiencing several degrees of losses, with some like $DOG, $MEME and $BOME suffering heavy blows.

  • Dogecoin's price is down and faces possible further decline, especially after Ripple's CEO openly questioned its value for the industry.

  • If bulls can prevent Dogecoin from falling below $0.14, a possible short-term comeback to $0.15 might be possible.

The memecoin market drew the short straw on Monday, following the start of Bitcoin’s slump below $68,000.

At the time of writing, the memecoin market is down by another 3% over the last 24 hours with some classes of memecoins crashing harder than others.

Here’s what the memecoin landscape looks like now:

GameStop’s Rollercoaster Ride

GameStop the company at the heart of the meme stock craze, has suffered more losses than the rest of the market it seems.

According to data from Yahoo Finance, this stock dropped by a staggering 40% on Friday last week, along with Bitcoin and the rest of the crypto market.

By Monday, this stock had crashed by more than 10% further and is now about 60% from its two-year peak from last Thursday.

This stock is now down by around 12% over the last 24 hours before the time of writing, with a current price of around $24.83, again according to data from Yahoo Finance.

<div class="paragraphs"><p>Crash In GameStop price</p></div>

Crash In GameStop price

This crash in GameStop’s stock price has rippled throughout the stock, crypto and memecoin market, with several of them currently trading on reds.

For example, we have heavy losers like the $DOG, a Bitcoin Rune, currently nursing around 40% in losses over the last week. We also have others like $MEME and $BOME down by around 20% within the same timeframe.

However, the better-known memecoins like Dogecoin, Shiba Inu, and Floki all lost between 4% to 10% over the last 24 hours, with PEPE, DOGE and WIF crashing the hardest with more than 15% declines on the weekly timeframes.

Any Hope for Dogecoin?

During Coindesk’s recent Consensus conference this week, Ripple CEO, Brad Garlinghouse fired shots at Dogecoin.

The Ripple CEO expressed skepticism about the so-called "memecoin king", stating that he doesn't think "$DOGE was a good thing for the industry".

"I'm not anti-Dogecoin", Garlinghouse says "I don't know what the use case is. I see lots of utility across several different chains, and I think that's a good thing for the industry".

<div class="paragraphs"><p>Dogecoin’s price action</p></div>

Dogecoin’s price action

In terms of price, Dogecoin doesn’t look very good in the charts.

The memecoin currently sits at around $0.1409, which is about a 2.85% decline in the last 24 hours.

According to the charts, Dogecoin also seems to be in a precarious position and could be testing the $0.12 zone soon, if the bears have their way.

Overall, if the bulls manage to keep Dogecoin from falling below $0.14, we just might see a comeback, taking the cryptocurrency up to around $0.15 again, at the very least.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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