Bitcoin

Solana-based memecoins Popcat and Dogwifhat led memecoin losses in the last seven days amid a wider sell-off in the crypto market.
Now, traders are bracing themselves for more pain this month before a potential recovery in October.&nbsp;
Popcat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/popcat-sol-price-index" rel="noopener noreferrer nofollow" target="null" text="null">POPCAT</a>) pared the largest losses among the top 10 <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/how-to-make-a-profit-from-solana-memecoins" rel="noopener noreferrer nofollow" target="null" text="null">memecoins</a> by market cap, plummeting 27.7% from a value of $0.75 on Aug. 26 to a price of $0.56 at the time of publication, per CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/popcat" rel="noopener noreferrer nofollow" target="_blank" text="null">data</a>.&nbsp;
Dogwifhat (<a data-ct-non-breakable="null" href="https://cointelegraph.com/dogwifhat-price-index" rel="noopener noreferrer nofollow" target="null" text="null">WIF</a>) followed in a close second, posting losses of 26.6% on the week after falling from $1.90 on Aug. 26 to $1.41.
<figure><img alt="Dogwifhat, Popcat lead 7-day crypto slump, traders eye Oct breakout" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b081-323c-7967-9e80-33676bb9d23b">
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 The top 10 memecoins by market cap posted double-digit losses on the week. Source: CoinGecko
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Most memecoins have posted significant losses over the last seven days, amid a wider sell-off that has also seen major crypto assets including <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency" rel="noopener noreferrer nofollow" target="null" text="null">Bitcoin</a> (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null">BTC</a>) and <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/history-of-ethereum-blockchain" rel="noopener noreferrer nofollow" target="null" text="null">Ether</a> (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null">ETH</a>) slide 10.5% and 11.3% respectively.&nbsp;
Despite prices having already plummeted significantly in the last seven days, traders are preparing for more pain in the coming weeks.&nbsp;
“Well the summer really sucked hard, but luckily it's over now and o-oh... literally the worst month of the year is ahead of us,” said pseudonymous market commentator Byzantine General in a Sept. 1 <a data-ct-non-breakable="null" href="https://x.com/ByzGeneral/status/1830386855939846154" rel="noopener noreferrer nofollow" target="null" text="null">post</a> to X.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ditch-memecoins-look-rwa-artificial-intelligence-instead" rel="noopener noreferrer nofollow" target="null" text="null">Ditch the memecoins — They won't motivate the next bull run</a>
Historically, September has been the worst month for the crypto market with an average monthly return of -4.64% for Bitcoin in the 11 years since 2013.&nbsp;
<figure><img alt="Dogwifhat, Popcat lead 7-day crypto slump, traders eye Oct breakout" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191b080-c9ed-70c6-a7c4-1331bd15c493">
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 November is typically the best-performing month for crypto assets. Source: CoinGlass.
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However, October and November <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-btc-price-analysts-november-halving-bull-run" rel="noopener noreferrer nofollow" target="null" text="null">are typically the strongest months</a> for crypto market performance, with Bitcoin posting average gains of 22.9% and 46.81% respectively across the two months.&nbsp;
Crypto trader Awawat <a data-ct-non-breakable="null" href="https://x.com/Awawat_Trades/status/1830260013400748242" rel="noopener noreferrer nofollow" target="null" text="null">told</a> his 109,000 followers on X he was bracing for more bearish sentiment in the short term, with a major recovery unlikely until October.&nbsp;
“As Kamala and Donald continue to fight around the 50% imaginary line on Polymarket, the battle for 60k Bitcoin will rage on, while the alt season continues (inverse),” said Awawat, referring to the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/altcoin-season-different-crypto-analyst-pepe-bitcoin" rel="noopener noreferrer nofollow" target="null" text="null">bloodbath of price action</a> for altcoins in recent months.&nbsp;
“Expect minor bursts of volatility courtesy of the US Bureau of Labor Statistics, and then Jerome. 4 promises better days, but for now we must survive,” he added.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/peter-mccormack-new-podcast-what-bitcoin-did-mccormack-show/" rel="noopener noreferrer nofollow" target="null" text="null">‘Everything feels like it’s going to shit’ — Peter McCormack reveals new podcast</a>

Dogwifhat, Popcat lead 7-day crypto slump, traders eye Oct breakout

Cointelegraph

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