Dogs Token

Bonk

Mog Coin

dogwifhat

Popcat (SOL)

Date: Wed, Sept 04, 2024, 06:06 AM GMTIn today&#39;s cryptocurrency market, it&#39;s a sea of red, and <a href="https://coinsprobe.com/web-stories/explore-how-much-a-1000-investment-in-this-memecoins-turned-out-this-year/" rel="noopener noreferrer nofollow">memecoins </a>are taking a significant hit. Over the past 24 hours, popular memecoins like Pepe (PEPE), Dogwifhat (WIF), Bonk (BONK), Dogs (DOGS), Popcat (POPCAT), and Mog Coin (MOG) have all experienced substantial price drops.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/760f213a7d8f470ea251282a913cb898.png" />Source: Coinmarketcap<h3 id="what-s-behind-the-downturn">What’s Behind the Downturn?</h3>1. U.S. Department of Justice (DoJ) Crackdown on NvidiaThe primary reason for this sudden decline seems to be tied to the U.S. Department of Justice&#39;s (DoJ) recent actions against Nvidia and other companies. The DoJ has issued subpoenas to Nvidia as part of an investigation into potential antitrust violations by the <a href="https://coinsprobe.com/top-ai-tokens-fet-render-and-tao-goes-down-heres-why/" rel="noopener noreferrer nofollow">AI </a>giant. This crackdown has rattled the broader financial markets, leading to a 9.53% drop in the NVIDIA and a significant 4.85% decline in the global crypto market cap.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/c48b13aa189d47599b1e65dd147592ff.jpeg" />NVIDIA Stock Price2. Bank of Japan&#39;s Rate Hike SignalAdding to the market&#39;s woes, the Governor of the Bank of Japan (BOJ) recently <a href="https://coingape.com/boj-gov-ueda-confirms-rate-hike-bitcoin-price-crash-imminent/" rel="noopener noreferrer nofollow">hinted </a>at potential interest rate hikes. The Governor stated that the central bank might raise rates further if the economy and prices align with their expectations. This news has added pressure to an already shaky market, contributing to the decline in memecoins.3. Bitcoin&#39;s Historical Bearish PerformanceFinally, Bitcoin&#39;s recent bearish performance is also playing a role. Historically, September has been a tough month for Bitcoin, and this year is no exception. Bitcoin has dropped from $59,800 earlier this month to around $56,000, dragging the rest of the market down with it.<h3 id="what-s-next">What’s Next?</h3>With the current market conditions, it&#39;s hard to say when memecoins will recover. The ongoing legal issues, economic concerns, and Bitcoin&#39;s poor performance are all creating a challenging environment for these tokens. Investors will need to keep a close eye on developments to see how these factors play out in the coming days.Disclaimer: The content presented in this article is intended for informational purposes only and should not be construed as financial advice.

Top Memecoins Facing Major Decline Today: Here's Why

Table of Contents

CoinsProbe

Other articles published on Sep 4, 2024

Mark Karpeles Establishes New Cryptocurrency Exchange UNGox in Europe

Today, Watch Out for These 16 Altcoins: Key Developments!

JPMorgan: Bitcoin Mining Struggles as Profitability Reaches Record Lows

Total crypto market sinks below $2T as analysts eye Bitcoin reversal below $54K

PEPE Coin Faces Significant Market Movements

Forest Expedition Launch: Today, A Forest Goes Fully On-Chain! 🌳

Join our free newsletter for daily crypto updates!