The long-awaited Bitcoin (BTC-USD) halving did not meet the expectations of many memecoin holders. Instead of a multiple rise, the crypto market witnessed a decline of varying depth. The market capitalization of tokens from the “Meme” category has fallen and is now around the $56 billion mark. With the total market capitalization remaining relatively unchanged, this indicates an outflow of funds. The loss of support levels leads to the fact that investors are already making a list of meme coins to sell. They realize that it is not worth staying in a loss-making asset just because previously they earned money using this token.
Amid a market-wide correction and growing FUD, the balance of risks and possible rewards is changing. During the bull market, meme coins managed to grow in value and become more massive players. If the flow of capital from a certain group of meme coins to projects with a more developed technological base is confirmed, these coins will find themselves in a crisis.
Meme Coins To Sell: ApeCoin (APE-USD)
The NFT project Bored Ape Yacht Club (BAYC) took advantage of the general excitement around meme culture and introduced its ApeCoin token (APE-USD). It was useful for the development of the ecosystem and provided a voice in decision-making on controversial issues of BAYC. One of the most famous NFT collections has been promoting the integration of APE into payments for non-fungible tokens and related services. BAYC’s influence led to the token’s growing popularity in the first months of its existence and brought in investors who wanted to capitalize on the latest cryptocurrency market trends. During its heyday, APE broke the $20 mark, but this representative of meme coins to sell could not stay above $10.
Anyone can influence the further development of the project because ApeCoin is the equivalent of a share in the management of BAYC. Despite this usefulness, the token fell victim to the fluidity of the crypto community’s preferences. A drop to around $1 followed the rise of APE. The decline resulted from an internal struggle in the Bored Ape Yacht Club ecosystem and several external factors.
The lower use of APE for settlement payments reflected the market-wide trend of decreasing investor interest in NFTs. The cooling of the market for these digital assets has led to a slow downward trend on the price chart over the past two years. Changes in regulatory control do not predict an imminent boom in ApeCoin, so $1.31 per token is not a “sweet” price.
Shiba Inu (SHIB-USD)
Dog-themed meme coins have proven to be valuable assets that can add a few zeros to the wealth of crypto enthusiasts. Shiba Inu (SHIB-USD) started circulating between wallets as an analogue of Dogecoin (DOGE-USD). However, this token quickly gained attention due to its charismatic branding and social media discussions. The growth of the community and the involvement of participants contributed to the formation of a multi-billion dollar market cap. Still, a repeat of the 2021 result seems unlikely even in the current bull market.
March 2024 brings SHIB trading to life, but the trend of 2021-2023 is still reflected in the token’s capitalization chart. Its wave-like shape emphasizes the high volatility of the digital asset, and the decline in the peaks of these waves suggests adding the token to the meme coins to sell list. Despite its skyrocketing market capitalization, SHIB cannot boast stable growth and resistance to market changes.
Along with the decline in interest in dog meme coins, the position of Shiba Inu may shake, as the project provides only a limited number of benefits to users. The speculative nature of this digital asset made it possible to quickly increase the price during the hype cycles, as it was in September-October 2021 and February-March 2024. However, the situation now seems more similar to the period of late 2021 – early 2022, when investors were tearing their hair out, watching the price drop from $0.000079 to $0.000008.
Bonk (BONK-USD)
Bonk (BONK-USD) appeared during the period of negative market sentiment after the FTX crash. The 2022 airdrop distributed half of the token supply among the Solana ecosystem participants. Such a generous gesture during the crypto winter laid the foundation for the project’s rapid rise, but it did not guarantee sustainable and continuous growth of the token. Double price drops within a few days are the norm for this asset.
Like a large part of the meme coins to sell, Bonk has limited application in the real world. Despite efforts to increase utility, BONK’s primary use is speculative trading and community engagement. The support of participants in social networks dictates the next price points of the token. At the same time, the excitement around dog tokens will not last forever, as the story becomes less interesting if it is told over and over again without improvements and additions. The project has limited itself with additional tools to raise the price at a time of increased competition among meme coins. Without innovations and expanded ways to engage the community, it will not withstand the pressure from other players.
The “Coinbase effect” helped the project peak in December 2023, and the overall bullish trend pushed Bonk to its all-time high (ATH) in March 2024. However, a turn to bearish sentiment would mean that BONK falls to its lowest support level. Such a critical test for the bulls could be fatal for token holders.
On the date of publication, Julia Magas did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
