Cryptocurrency prices remained under pressure on Monday, continuing a trend that has persisted for almost two weeks.

Meme Coins Sell-Off Continues

All meme coins tracked have a combined market cap of over $38 billion, down from their year-to-date high of more than $68 billion. A closer look at their charts shows a close correlation among them. All tokens mentioned below have fallen in the past five days and have retreated by over 50% from their highest points this year.

Bitcoin (BTC) was stuck below $60,000 while most meme coins continued their steep downfall. Dogwifhat (WIF) token has dropped for five consecutive days and is down by over 51% from its highest point this year.

Similarly, Brett (BRETT), the biggest meme coin in the Base Blockchain, has retreated for five days and is down by 60% from its all-time high this year. Long-term holders have lost over $1 billion as its market cap has dropped from over $1.89 billion to $794 million.

Bonk (BONK), the first Solana (SOL) meme coin, was also one of the worst-performing cryptocurrencies on Aug. 17, having retreated by 63% from its March highs.

Pepe (PEPE) has moved to $0.0000071 after falling for several straight days. Additionally, technical analysis suggests that these tokens have more room to go down.

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Pepe Death Cross and Head and Shoulders Pattern

Pepe, often the most actively traded of the meme coins, moved below the 50-day moving average on July 31 and the 200-day EMA on Aug. 11. If this downtrend continues, Pepe could form a death cross, which often leads to more downside.

Additionally, Pepe has formed a head and shoulders pattern, one of the most popular bearish signs in the market.

The most important catalyst for these meme coins is Bitcoin, which has stalled below $60,000 this week. If Bitcoin resumes its downtrend, meme coins are likely to continue falling, with most of them eyeing their August lows.

Historically, meme coins tend to show extreme moves in Bitcoin’s direction. For example, Pepe rose by over 1,500% between January and March as Bitcoin rose by over 80% in the same period. It has retreated by over 50% while BTC is down by 20% from the same period.

Traders move to meme tokens like Pepe, Dogwifhat, Bonk, and Brett when Bitcoin is rising because of their cheaper price. Instead of buying Bitcoin, which goes for almost $60,000, most traders opt for a token like Pepe that sells for $0.0000071. The theory is that these tokens have a bigger chance of doubling than Bitcoin.

For more updates and the latest news in the cryptocurrency world, stay tuned to Global Crypto News.

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