Meme coins have lost about 30% of their value in the past month following bearish sentiment from potential Bitcoin headwinds. WIF is down more than 61% from its recent all-time high of March 31. Crypto market may have passed euphoria level as celebrity meme token launches soak up liquidity from top meme coin projects.
As the meme coin bloodbath continues, most in-the-money investors are contemplating whether to take profits, while out-of-the-money investors are considering cutting their losses as hopes for a bullish reversal dim. IntoTheBlock's data shows more than 70% of DOGE, PEPE, and FLOKI traders are still in profit despite the recent decline.
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