Memecoins
Meme Pieces to Skip This Month
Meme coins can spark curiosity and caution among investors. Among the multitude of cryptocurrencies, there are specific meme coins that attract attention for negative reasons. Stoppage of play (GME) has made headlines with its turbulent performance, seeing a notable decline alongside other meme coins like Slothana (SLOTH), Pitbull (PIT), and PUPS (Ordinals). Despite varying market capitalizations and trading volumes, these coins have all shown signs of distress, prompting further examination of their viability as investment options. This article looks at the recent performance of these coins and explains why it would be best to avoid them in the current market climate.
GameStop (GME)
GameStop (GME) made waves in the crypto market the previous week. Valued at $0.004356, GME has seen a significant decline, with a 10.81% decline over the past 24 hours and a massive 46.58% decline over the previous week.
Even with a market cap of nearly $30 million and 24-hour trading volume exceeding $28 million, the circulating supply of 6.7 billion GME is not enough to offset its downward trend . Investors should exercise caution as the overall sentiment towards GME is bearish.
Slothana (SLOTH)
Like the other pieces, Slothana also faces considerable challenges. SLOTH is currently valued at $0.02595, experiencing a decline of 26.33% in the last day and 37.58% in the past week. The market capitalization is $44 billion, with a trading volume of $38.4 million in the last 24 hours.
Even though there are 1,483,066,765 SLOTH coins in circulation, the coin’s performance has been poor, making it a risky investment for potential investors.
Pitbull (PIT)
Pitbull, with its massive circulating supply of 1,590,642,894,440,572 PIT, is also facing tough times. Priced at $0.00000006423, PIT fell 9.18% over the past 24 hours and 25.98% over the past week.
The market capitalization is relatively low at $25.8 million, and its 24-hour trading volume is only $1 million. The significant declines and low trading activity indicate potential issues with liquidity and investor confidence.
PUPPIES (ordinal)
PUPS (Ordinals), trading at $17.75, has not been immune to the market downturn. This coin saw a decline of 3.62% over the past 24 hours and a decline of 22.07% over the past week.
With a market cap of $137.9 million and 24-hour volume of $2.2 million, the circulating supply of 125,783 PUPPIES suggests a niche market that is currently not in fashion. Recent performance indicates that it might be prudent to avoid this coin until it stabilizes.
Conclusion
As the cryptocurrency market evolves, it is becoming increasingly important for investors to be careful and discerning when dealing with meme coins. The recent declines seen in GameStop (GME), Slothana (SLOTH), Pitbull (PIT), and PUPS (Ordinals) serve as clear warnings about the volatility and risk associated with these speculative assets. Due to the substantial decline in value, decreased trading volumes and uncertain outlook, it is wise for investors to exercise caution and explore other investment options until these Meme coins show more stability and potential. Making informed decisions is essential to protect financial interests and reduce potential losses in a rapidly changing environment.