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Many cryptocurrencies have erased all the gains accumulated since the 2024 United States Presidential Election, with meme coins particularly affected, according to IntoTheBlock. In a recent tweet, the analytics firm highlighted that the meme coin market capitalization is nearing its November 2024 levels. Such a trend effectively depicted the undoing of the surge witnessed during the winter “meme coin season.” Meme Coin Meltdown The OG meme coin – Dogecoin (DOGE) – which rallied from around $0.20 before the election to a multi-year high of almost $0.5 following Donald Trump’s victory on November 5, 2024, has since retraced most of its gains. It is currently trading at $0.20 after this morning’s market-wide crash. Next up was Shiba Inu (SHIB), which experienced a similar trajectory as it plunged from December’s peak of $0.000033 to $0.0000133 – lower than the pre-election levels. Additionally, Pepe’s (PEPE) price more than halved from $0.0000264 in December to $0.00000575, marking a 78% decline over two months. Bonk (BONK), too, mirrored this trend, crashing from a December high of $0.000054 to $0.0000125 by late February. FLOKI’s (FLOKI) price tumbled from $0.00027 in late November to $0.000077 as of February 24th. Notably, dogwifhat (WIF) experienced a dramatic drop, plummeting over 89% from $4.20 shortly after the election to $0.51 at the time of writing. Bitcoin and XRP Retain Strong Post-Election Gains Despite the broader market downturn, Bitcoin (BTC) and XRP have managed to hold their post-election gains, distinguishing themselves from the steep declines across the meme coin sector. Bitcoin was trading near $65,400 before the election results and soared above $109,000 in January. Although it has pulled back, the leading crypto asset remains strong, currently trading near $90,000 – still over 42% above its November level. Similarly, XRP climbed from $0.706 in early November to $3.33 in January. Despite a subsequent decline to $2.21, the token remains up by a whopping 245% since the election period. Its rally has been propelled by growing anticipation over XRP ETFs, especially after the US Securities and Exchange Commission (SEC) recognized multiple filings in early February. However, it was Brazil that approved the world’s first spot XRP ETF. The fund, set to launch on the B3 exchange, will be managed by Hashdex with administrative support from Genial Investimentos. At the same time, the SEC is examining spot XRP ETF applications in the US from leading asset managers including 21Shares, Bitwise, Grayscale, and CoinShares. The divergence highlighted the trajectory maintained by established cryptocurrencies amidst heightened market volatility and profit-taking in speculative assets such as meme coins. The post DOGE, SHIB, PEPE Plummet: Meme Coins Erase Gains Despite Early Post-Election Hype appeared first on CryptoPotato.

The meme coin sector is growing rapidly, with thousands of tokens released daily. While many market experts have bashed the industry and its inherent lack of utility, some others believe the sector is not completely useless. One of them is Ki Young Ju, founder and CEO of the market analytics platform CryptoQuant. Ju says meme coins are “archetypes of the collective unconscious.” Archetypes of the Collective Unconscious According to the Swiss psychiatrist Carl Jung, who developed the collective unconscious theory, universal, primordial images and patterns of thoughts exist within the shared unconscious mind of all humanity. These thoughts and images are considered archetypes and manifest in myths, dreams, and cultural symbols. They represent the fundamental aspects of the human experience and influence their behavior and perception of the world. In other words, archetypes are patterns of thought that strive for realization within a human environment. Hence, the process of actualizing these thoughts influences the development of an individual’s unique identity and guides their journey of self-discovery and transformation. Jung’s theory classifies archetypes of the collective unconscious into four main groups: self, persona, shadow, and anima/animus. Going by the classification, Ju believes animal meme coins reflect shamanism, a spiritual practice involving interacting with spirits through altered states of consciousness. Shamans revere animals and venerate them as spirit messengers and guides. Celebrity meme coins, on the other hand, reflect higher religions that revere humans. Meme Coins vs. Art Markets There are a lot of animal-themed meme coins, and they include the dog-themed projects Dogecoin (DOGE), Shiba Inu (SHIB), Bonk (BONK), Floki (FLOKI), and dogwifhat (WIF). Likewise, the market has seen a surge in the launch of celebrity meme coins like Official Trump (TRUMP), Mother Iggy (MOTHER), Official Melania Meme (MELANIA), Jason Derulo (JASON), Timeless Davido (DAVIDO), and Caitlyn Jenner (JENNER). Ju pointed out that human evolution has been driven by shared beliefs that encompass worshiping, forming groups, and collaborating and that meme coins are an outcome of such developments. Therefore, people who thrive as entrepreneurs in the crypto industry are those who can create something people believe in. Meanwhile, the CryptoQuant founder has also likened meme coins to art markets, insisting that the value of both sectors is assessed through narrative. The post Why Meme Coins Represent Archetypes of the Collective Unconscious: CryptoQuant CEO appeared first on CryptoPotato.

Large-holder transactions in Shiba Inu (SHIB) have registered a 79% decline during the past three months. The decrease in whale transactions leads to SHIB’s price drop because institutions show less trust in the asset. According to analyst Ali Martinez, transactions exceeding $1 million have sharply decreased, contributing to weaker market conditions. Lower high-value trades indicate that major investors are either reducing their holdings or pausing further accumulation. As a result, liquidity has suffered, leading to increased volatility in SHIB’s price movement. Whale activity on the #ShibaInu $SHIB network has declined by 79% over the past three months. pic.twitter.com/sKPfZEdvgS The price movement of SHIB depends strongly on how Market Levels of support along with Market Resistance areas function The SHIB coin sustains its price at $0.000016 level before reaching the $0.000021 block for resistance. The cryptocurrency faces potential difficulty in recovering unless whale transactions increase because bearish technical indicators dominate the market. Market conditions indicate conservative attitudes combined with missing investor support from large players that causes SHIB to stay under constant price decline risks. The SHIB network experiences reduced whale action that matches the asset’s trending price devaluation. The significant drop in transactions performed by large investors indicates they might be selling out their holdings. Market liquidity deteriorates when whale activity weakens which produces substantial price fluctuations and generates instability in the market. Data from Coinglass highlights a pattern of outflows that have exacerbated SHIB’s price decline. Significant capital exits, particularly those exceeding $30 million in late May, early November, and mid-December, coincided with sharp drops in price. The largest outflow event, surpassing $50 million in November, further contributed to SHIB’s downward trend. SHIB shows $0.00001523 during current trading with a 2.48% downward movement since yesterday followed by a 9.58% decrease from last week. The combination of market capital value at $8.97 billion along with $229.2 million trading volume demonstrates ongoing market selling conditions. The bearish market analysis receives backing from technical indicator readings. Investment indicators demonstrate that the Relative Strength Index (RSI) currently measures 39.62 as it gets close to oversold levels. The Flint Stone value chart shows this market is susceptible to price inversion when the RSI reading dips below 30. A rise of the asset above 50 marks a confirmed movement of market momentum because of this condition. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Shiba Inu (SHIB) is forming a large inverse head and shoulders pattern, signaling strong bullish momentum. Analysts predict a potential breakout that could push prices over 400% higher, targeting the $0.000081 mark. According to Javon Marks’ analysis, SHIB’s time frame is forming an inverse head and shoulders pattern, indicating a possible trend reversal. The left shoulder developed after a decline, followed by a temporary recovery and another drop. The head formed at a lower level, marking the lowest point in the structure. A right shoulder then emerged, maintaining symmetry with the left shoulder. Price movements leveled off at a horizontal support level when the right shoulder formed. When the price breaks above the neckline, this pattern has historically resulted in significant reversals. A breakout might validate the bullish setup and possibly start a long-term upward trend if SHIB keeps this structure. The price fluctuations in the past show a recurring pattern of accumulation, breakout, and expansion. SHIB has followed this pattern consistently, forming higher peaks over time. The projected price movement suggests a breakout towards the $0.000081 level, representing over 400% growth. Fibonacci retracement levels align with critical resistance zones, reinforcing potential breakout points. The resistance level above the shoulders has previously limited upward momentum. A breach of this level could validate the next leg of the uptrend, signaling further price appreciation. Marks highlights that SHIB appears to be finalizing its right shoulder . If the market structure remains intact, the token could be on the verge of a major breakout. Additionally, past market cycles support this pattern, with prices surging after breaking key resistance levels. If SHIB maintains the current trajectory, a price discovery phase could follow, leading to substantial gains. The neckline remains a crucial indicator, as breaking above it could confirm the bullish continuation. Overall, SHIB’s market structure demonstrates a strong accumulation and breakout cycle. If the formation holds, the expected price movement could mirror previous bullish runs, driving significant gains. The pattern aligns with historical market behavior, reinforcing the possibility of a sustained uptrend. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

The field of cryptocurrencies maintains quick advancement while major stakeholders advance essential innovations to boost usability and generate superior benefits to users. StormX together with Cardano and Dogecoin establish their position through crypto cashback rewards and decentralization of applications as well as building powerful community-based adoption models. These digital assets drive financial world changes by leveraging blockchain innovations together with viral internet cultural influences. The different impacts of these platforms are highlighted in the following information. Current price: $0.005311 Market cap:$65.55M The cryptocurrency-based cashback platform StormX pursues ongoing development of its worldwide presence. The company established itself in 2015 with a service that enables users to collect cryptocurrency during their online shopping. Customers can earn cashback rewards through the mobile app and browser extension features of StormX while the company collaborates with Samsung Nike and Lego and other leading enterprises. Users who stake the STMX token can further boost their rewards. Investments from Blockfolio, the Litecoin Foundation, and Kyber Network have contributed to the company’s growth. StormX is attracting attention by offering cashback of up to 87.5% for selected purchases. Current price: $0.7664 Market cap:$26.98B Cardano operates as a proof-of-stake blockchain platform which continues building its technology base for decentralized applications and smart contracts. Cardano launched in 2017 with the purpose of demystifying centralized power systems through improved security while increasing transparency for all users. ADA functions as the native token of the Cardano blockchain which lets owners engage in network management operations. The Alonzo hard fork activated smart contract functionality during its launch in September 2021 and enabled more than 100 smart contracts to operate successfully during the first day. The technology from Cardano has started its implementation in supply chain monitoring and safe credential management systems. Current price: $0.2440 Market cap:$36.14B Dogecoin remains an important cryptocurrency because it started its journey in the crypto space as an entertaining digital payment system. The Litecoin fork of 2013 led to the creation of Dogecoin by Billy Markus and Jackson Palmer. Beyond its initial reputation as a meme cryptocurrency Dogecoin built popularity with a Shiba Inu as its brand symbol. Executives at Tesla led by Elon Musk have done multiple social media promotions of Dogecoin which helped keep it in the public eye. The Dogecoin community actively supports different projects which bolsters the accessibility of this digital asset. DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.