The memecoin market is showing signs of decline, prompting speculation about whether the current conditions signal the end of the memecoin season or present a buying opportunity.

While the memecoin narrative has been a significant theme this cycle, recent trends indicate a downturn, with celebrity-endorsed tokens also struggling.

  • $WIF

A whale recently deposited 12.66 million $WIF, worth $23.4 million, to Binance over the past two days. This activity led to a brief spike to $4.88, followed by a sharp decline. The current price stands at $1.8115 USDT, suggesting a correction phase marked by bearish momentum.

A whale deposited 12.66M $WIF($23.4M) to #Binance in the past 2 days.https://t.co/gWcpd0gBOz pic.twitter.com/Fc6WayMjAO

— Lookonchain (@lookonchain) June 22, 2024

  • $BONK

After a sharp increase to $0.00004800, $BONK has seen a gradual decrease. Its current price is $0.00002061 USDT. The token is now in a consolidation phase, showing stable movement after reaching its peak.

  • $BOME

$BOME experienced initial volatility, peaking at $0.02600 before entering a downward trend. Currently priced at $0.008801 USDT, the token is in a bearish trend with occasional small recoveries, indicating overall negative momentum.

  • $PEPE

$PEPE saw a sharp rise to $0.00001725, followed by a downward correction phase. The current price is $0.00001141 USDT. The token is now consolidating, with lower highs and lows, and appears to be stabilizing around its current level.

$BONK Tends To Mirror $PEPE Price Action Part

Monitoring $PEPE’s price action could provide insights, as $BONK tends to follow similar patterns. $WIF appears significantly oversold, potentially indicating a buying opportunity. Meanwhile, $BOME might be forming a double bottom, suggesting a potential reversal.

Is Memecoin over or opportunity??

Memecoin narrative is one the key narratives this cycle, though lastly celeb endorsed memecoins not ending well and overall memecoins are going down.

Let's check 4 major memecoins right now 👇

$WIF– Significant spike to 4.88, then a downward… pic.twitter.com/m7VPG6gogt

— Open4profit (@open4profit) June 22, 2024

Investors are now considering whether this market downturn represents a chance to accumulate more tokens at lower prices or if it signifies a broader decline in the memecoin trend.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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