The cryptocurrency market is currently facing selling pressure, and Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI, and PEPE cryptocurrencies are not exempt from the bearish action, posting significant losses over the past day.
The cryptocurrency market is currently facing selling pressure, and Shiba Inu (SHIB), Dogwifhat (WIF), FLOKI, and PEPE cryptocurrencies are not exempt from the bearish action, posting significant losses over the past day.
At the time of writing, Pepe (PEPE) and Dogwifhat (WIF) have each fallen 9.17% and 11.52% in the last 24 hours. The price of the PEPE frog-themed meme coin was trading at 0.00001244, and the price of the Solana-based WIF meme coin was at $2.52, according to CoinMarketCap data.
Meanwhile, Shiba Inu dog coins (SHIB) and Floki fell 5% and 13.52%, respectively, over the past day. At the time of writing, FLOKI price had fallen to $0.0002156 and SHIB price had decreased to $0.00002136 the previous day.
Meme coins have been in the spotlight in recent weeks, and the recent price drop could have been induced by profit-taking as well as a general market decline.
The Bitcoin-led cryptocurrency market has seen sudden trading action in the last 24 hours. Bitcoin prices rose after the consumer price index (CPI) came in higher than expected on Wednesday. However, the gain was short-lived as the price of Bitcoin fell following comments from Federal Reserve Chairman Jerome Powell.
Tomiwabold OlajideBitcoin and the entire cryptocurrency market deepened losses on Thursday ahead of the release of economic data that could shed light on the Federal Reserve’s future path.
According to the data Published, the US monthly PPI rate unexpectedly decreased in May to -0.2%, the largest drop since October 2023, compared to an expected 0.10% and a previous value of 0.50%.
The annual PPI rate was 2.2%, compared to the expected 2.50% and the previous value of 2.20%. The annual core PPI rate in May was 2.3%, compared to the expected 2.4% and the previous value of 2.40%. This could indicate that inflationary pressures are receding.
In the short term, traders are watching the market reaction to recently released data and deciding the next price movements, taking into account SHIB, PEPE, FLOKI and WIF.
