While Crypto Prices Crash, AiDoge Meme Coin Pumps Up $1 Million in 24 Hours – Are Whales Buying?
Cryptocurrency markets have been suffering from broad selling pressure since Saturday.
Bitcoin (BTC), which reached nearly as high as $30,000 on Saturday, has since reversed more than 6.5% lower and was last trading to the south of the $28,000 level.
Bitcoin is the world’s first and largest cryptocurrency by market capitalization and is often referred to as “digital gold”, given it is viewed by many as the most decentralized, secure and robust of all existing cryptocurrencies.
Ether (ETH), meanwhile, was last trading in the $1,860s, down around 8% from a pump last Friday through Saturday that saw the cryptocurrency briefly surpass $2,000.
Ether is the cryptocurrency that powers the smart-contract-enabled Ethereum blockchain and is the second most valuable cryptocurrency in the world by market capitalization.
Some analysts have cited concerns about high transaction fees on both the Bitcoin and Ethereum networks amid a spike in meme coin-related transactions as weighing on sentiment.
In the past, spikes in meme coin-related trading activity have been lead indicators of a near-term peak in blue-chip cryptocurrency prices.
Concerningly for the short-term crypto bulls, both cryptocurrencies are now trading to the south of both their 21 and 50-Day Moving Averages (DMA).
Some Bitcoin bears are predicting a pullback to the $25,000s could be on the cards, with traders eyeing upcoming US inflation numbers later this week as a potential bearish catalyst.
The US Consumer Price Index report on Wednesday is seen showing the headline MoM inflation rate accelerating to 0.4% from 0.1% one month ago.
While blue-chip cryptocurrencies are underperforming and as meme coins such as $PEPE and $SPONGE pull back from recent highs, investors are hunting
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