Bitcoin Loses 10% On The Week As Memecoins Tumble
By Kapil Rajyaguru
Bitcoin (BTC) has plunged more than 10% over the past 7 days to a two-month low just above $26,000 alongside a sizable reversal in the previous red-hot memecoin sector.
Bitcoin’s high for the week came on Wednesday morning when it rose to $28,300 following softer than expected CPI data on Wednesday.
Ether (ETH) was also lower for the week, though it did outperform bitcoin by a bit. It’s currently at $1800 versus its weekly high of $2,020 touched last Saturday.
Helping to sour the mood in bitcoin were tumbling prices for some memecoins, notably pepecoin (PEPE), which is now lower by more than 60% over the past week of trade. The new token based on “pepe the frog” debuted on April and quickly rose to more than a $1 billion valuation. That’s now been trimmed to roughly $560 million.
Other memecoin decliners included dogecoin (DOGE) and Shiba Inu (SHIB), each of which lost about 11% over the last 7days.
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