In the past week, the crypto market has seen significant turbulence, with Solana-based memecoins Popcat (POPCAT) and Dogwifhat (WIF) at the forefront of the decline. As a broader sell-off continues to affect the cryptocurrency space, these memecoins have faced notable losses, sparking concerns about further declines before a potential rebound.
Popcat, once a standout in the memecoin arena, has experienced a steep drop of 27.7%. From a high of $0.75 on August 26, the coin has sunk to $0.56 as of the latest data from CoinGecko. This sharp decline positions Popcat as the biggest loser among the top 10 memecoins by market capitalization.
Dogwifhat isn’t far behind, with a 26.6% decrease over the same period. The token fell from $1.90 on August 26 to $1.41, trailing closely behind Popcat in terms of weekly losses.
The broader market hasn’t been kind either. Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have also taken a hit, down 10.5% and 11.3% respectively. This widespread sell-off has added to the bearish sentiment, leaving many traders bracing for further declines.
September, historically the toughest month for crypto assets, has lived up to its reputation this year. Bitcoin, for instance, has averaged a monthly return of -4.64% in September over the past 11 years. The pessimistic outlook for the current month has been echoed by market commentators, including the pseudonymous Byzantine General, who took to X (formerly Twitter) to voice concerns about the upcoming weeks.
“Well, the summer really sucked hard, but luckily it’s over now and o-oh… literally the worst month of the year is ahead of us,” Byzantine General remarked in a Sept. 1 post.
Despite the current downturn, there is hope on the horizon. Historical data suggests that October and November are generally stronger months for the crypto market. Bitcoin has seen average gains of 22.9% in October and 46.81% in November over the past several years, hinting at a potential recovery as the year progresses.
Also Read: Solana (SOL) Price Dips 21.66% – Can It Rebound From $127 Support Or Will It Fall To $100?
Crypto trader Awawat, addressing his 109,000 followers on X, advised caution. “Expect minor bursts of volatility courtesy of the US Bureau of Labor Statistics, and then Jerome. 4 promises better days, but for now we must survive,” he said. Awawat believes the road to recovery might be rocky, with significant recovery likely only starting in October.
As the market navigates this challenging phase, traders and investors are advised to stay vigilant and prepared for potential volatility. While the current landscape may be discouraging, the historical performance suggests that brighter days could be just around the corner.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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