Popcat and Dogwifhat Drop Significantly Amid Broader Crypto Slump

Popcat and Dogwifhat Lead Recent Declines

Popcat and Dogwifhat– In the past week, Solana-based memecoins Popcat (POPCAT) and Dogwifhat (WIF) have led the charge in memecoin losses, amidst a broader sell-off in the cryptocurrency market. According to CoinGecko data, Popcat saw the most significant drop among the top 10 memecoins by market cap, plummeting by 27.7%. The price of Popcat fell from $0.75 on August 26 to $0.56 at the time of publication. Dogwifhat closely followed, with a 26.6% decrease, dropping from $1.90 to $1.41 over the same period.

Broader Crypto Market Trends

The downward trend is not limited to memecoins. Major cryptocurrencies like Bitcoin (BTC) and Ether (ETH) have also faced substantial declines, with Bitcoin sliding by 10.5% and Ether by 11.3% over the past week. This widespread sell-off has intensified the challenges for investors in the crypto space.

Traders Brace for Further Declines

Despite the significant losses experienced in the past week, traders are preparing for continued volatility and potential further declines this month. Market commentator Byzantine General noted on September 1 that the upcoming month is historically challenging for the crypto market. September has been the worst month for Bitcoin, with an average return of -4.64% over the past 11 years. However, the outlook for October and November is typically more optimistic, with Bitcoin historically posting average gains of 22.9% and 46.81%, respectively, during these months.

Market Sentiment and Future Outlook

Crypto trader Awawat shared with his 109,000 followers on X that he anticipates further bearish sentiment in the short term, with a major recovery expected only in October. He pointed out that the current market is characterized by intense volatility, particularly in the altcoin sector, and advised to expect minor bursts of volatility influenced by data from the US Bureau of Labor Statistics and upcoming events.

FAQs