The crypto market is currently facing selling pressure, and cryptocurrencies Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI and PEPE are not exempt from the bearish action, posting significant losses over the past day.
At the time of writing, Pepe (PEPE) and Dogwifhat (WIF) have each dropped 9.17% and 11.52% in the past 24 hours. Frog-themed meme coin PEPE's price was trading at 0.00001244, and the Solana-based meme coin WIF price was at $2.52, according to CoinMarketCap data.
Meanwhile, dog coins Shiba Inu (SHIB) and Floki have dropped 5% and 13.52%, respectively, over the last day. At the time of writing, the FLOKI price had fallen to $0.0002156, and the SHIB price had decreased to $0.00002136 in the previous day.
Meme coins have stolen the spotlight in recent weeks, and the recent price drop might have been induced by profit-taking as well as a general market downturn.
The crypto market led by Bitcoin has seen whipsaw trading action in the last 24 hours. Bitcoin prices rose after the Consumer Price Index (CPI) print came in higher than predicted on Wednesday. The gain, however, was short-lived, as Bitcoin's price fell following comments from Fed Chair Jer
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