Bitcoin’s (BTC) rampant rise, which started last week and helped it peak at $93,409, has come to a halt, impacting the price of leading meme coins.
Dogecoin (DOGE) and Pepe (PEPE), which have experienced the biggest gains this week among leading meme coins, are now facing a downward trend.
However, the daily trading volume for DOGE and PEPE dropped by more than $10 billion each since yesterday, which has negatively impacted their price.
As such, investors are turning to emerging meme coins that may offer better returns in the future.
Bitcoin and the Overall Crypto Market Cap Face a Downturn
November 5th was a major turning point for the broader crypto market, as it saw the election of Donald Trump’s pro-crypto government, which immediately impacted the value of cryptocurrencies.
The crypto market cap was valued at $2.5 trillion on Election Day, and that number rose to $3.06 trillion on November 13th, at 8 PM.
During that period, Bitcoin skyrocketed from $67,811 to over $93,000, reaching a new ATH and fueling the rise of altcoins across the market.
However, the crypto market cap is back below the $3 trillion mark after today’s downturn, which saw Bitcoin dip to $89,922, representing a $1.39% drop in the past 24 hours.
Despite its negative performance today, Bitcoin’s technical indicators suggest that investors are confident in its success in the near future.
With a 1.32 long/short ratio, showing that 56.97% of BTC holders have long positions while only 43.03% are shorting the token, Bitcoin has the investor confidence needed for further growth.
JUST IN: Senator Lummis’ Bitcoin bill to buy 1m #Bitcoin will offset $16 TRILLION of US government debt – Michael Saylor pic.twitter.com/3VZ7a9aC5Z
— Bitcoin Archive (@BTC_Archive) November 14, 2024
This sentiment is only reinforced by the recent election of pro-crypto senators in the US, which Forbes reports are likely to bring the Bitcoin Strategic Reserve Act to a vote on the next Congress meeting.
PEPE Loses the Momentum that Helped it Reach a New ATH, DOGE Dips Below $0.4
PEPE and DOGE were leading the rebound among top meme coins since November 5th, pumping by 98.83% and 87.49% over the past week, respectively.
PEPE’s news of Coinbase and Robinhood listings helped it position itself as the top gainer out of the leading five meme coins, which led to a new ATH of $0.00002486 yesterday.
Similarly, DOGE’s massive gains can be attributed to the Trump-endorsed launch of the Department of Government Efficiency (DOGE), which saw the token rise above the $0.43 mark for the first time since 2021.
Today, the leading meme coins are dipping despite their massive success over the week. PEPE is now back below the $0.000022 mark with a 0.87% drop, while DOGE managed to stabilize around the $0.37 mark following an earlier dip to the $0.35 range.
Crypto analyst Dami-Defi believes PEPE is still in for a breakout, anticipating it will reach a new ATH in the upcoming days. Similarly, Topdoge shared that they see DOGE’s dip as an excellent opportunity to invest.
However, with the overall crypto market sitting at 84 on the Fear and Greed Index, many investors’ decisions could currently be driven by a high-risk appetite. As a result, the market sentiment could shift quickly.
Are New Utility Meme Coins a Better Investment During the Dip?
While the success of coins like PEPE and DOGE depends entirely on community support and hype, since they offer no utility, investors are now eyeing upcoming tokens that have a more easily predictable trajectory.
Crypto All-Stars is the first utility-oriented token that stands out with its upcoming MemeVault, a cross-chain multi-token staking platform that seeks to unite meme coin holders under one roof.
With a staking APY of 437% and no errors found in its contract via audits performed by SolidProof and Coinsult, it’s no wonder the presale has already raised over $3.8 million.
Crypto commentator Austin Hilton sees massive potential in the project and urges his 278,000-strong YouTube audience to join the presale and take advantage of its massive staking APY.
Flockerz is another coin that’s grabbing investor attention, due to its unique vote-to-earn DAO mechanism. Giving each FLOCK holder rewards for voting on token-related decisions in the FlockTopia DAO.
This, in turn, puts the token into the hands of the community, with over 3,700 following Flockerz on X (Twitter) already.
The project’s ambitious goal already helped it raise over $1.8 million, and ClayBro, a renowned YouTube analyst, sees its massive 1032% staking APY as something nobody should miss.
The prices of STARS and FLOCK tokens will only increase as their presales gain traction, leaving investors with limited time to secure them at their current low entry points.
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