Meme coins, such as Dogwifhat (WIF), Ai16z (AI16Z), and Bonk (BONK), are experiencing significant sell-offs while Bitcoin remains relatively stable. Meme coins rely on momentum and hype, and when Bitcoin is stable, trading volume and liquidity in meme coins dry up, leading to price declines. The daily charts for Ai16z and Dogwifhat show prevailing bearish trends, with key support levels being tested multiple times. A breakout above resistance levels would indicate a potential trend reversal. The decline in meme coin prices is reflective of the broader crypto market downturn and the impact of recent events, such as the Libra scandal. Some analysts believe that sentiment regarding meme coins is at an all-time low, and the market may enter a trough of disillusionment followed by a gradual maturation.



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