2 Meme Coins Crash 33 and 35% – Opportunity or Trap?
Today’s crypto market woke up to a sea of red as meme coins crashed the hardest. The price decline came after Bitcoin slid below a key support level yesterday. The ensuing market panic led to a Bitcoin sell-off, leaving the entire crypto market down by 8.9% at press time.
Two meme coins, Landwolf and Andy ETH, particularly experienced a nasty crash, dropping 33% and 35%, respectively. Is it an opportunity to buy the top or will the dip keep dipping?
1. Meme Coins Crash – LandWolf (WOLF)
Landwolf is a meme coin on the Ethereum blockchain that has been gaining attention among the crypto community. Sitting at a $28 million market cap, LandWolf has dropped 33% in the last 24 hours to trade around $0.0000323.
Data from CoinGecko shows that the daily trading volume of WOLF is up 14%, signaling recent market activity. Increasing volume and decreasing prices indicate a potential continued sell-off as investors rush in to cut losses. Additionally, Etherscan shows LandWolf holder count is down 0.035% in the last 24 hours, signaling potential investors cutting losses.
WOLF’s market cap positions it as a low-cap gem within the meme coins space. Created by Matt Furie, Landwolf features a half-man, half-wold character, much like the Wookiees in Star Wars. Landwolf has a total supply of $1 trillion, with 90% in circulation.
WOLF price is trending below the 50-day simple moving average (SMA) on the 12-hour chart. This is not bullish for the asset and may further panic among market participants.
The WOLF 14-day relative strength index (RSI) just crossed into the oversold region and is currently at 28.15. WOLF investors may experience further bearish momentum over the weekend and going into Monday.
Landwolf has a strong community that has helped it navigate the crypto markets for the last two months since it went live. The incredibly generous community may once again wade through these murky waters if they remain united.
2. Andy ETH (ANDY)
Andy is a meme coin on the Ethereum mainnet network. Following the brutal crash of Bitcoin, Andy dropped by 35%, hitting lows of $0.00009275. Currently, the price of ANDY is hovering around $0.00009334 after recovering a little bit. But is the bleeding over yet?
Andy (ETH) has a total market cap of $97 million with a 1 billion total supply, which is all in circulation. Data from CoinGecko shows that ANDY’s 24-hour trading volume is up 41%, signaling an uptick in recent market activity. Combining that with the falling prices, Andy price may witness some further selling pressure in the coming days.
According to Etherscan, the total ANDY holder count has dropped by 0.121% in the last 24 hours, further reinforcing the sentiment that investors may be cutting losses on the asset and ditching the ship.
ANDY price hit an all-time high on June 3, roughly three months after it was created. The price of ANDY is trending below the 50-day and 200-day simple moving averages (SMA), which is not bullish for the asset. Currently, the price action is at a decent support level of around $0.00009200. However, the support is weak and may be temporary.
Bitcoin price prediction indicates there may be further bleeding in the coming days, which means that ANDY price is likely to break below the current support level. There is another support zone around $0.000041, after which ANDY may bounce back higher.
The ANDY RSI (14) dropped below the 30 level into the oversold (OS) zone. ANDY investors may witness an increasing bearish momentum going into the weekend before a reversal can take place.
ANDY meme coin presents a great opportunity to buy in, as the current correction may only be due to Bitcoin’s volatility. The project is safe since the contract is renounced and LP tokens have been burned.
Conclusion
The steep decline that hit these two popular meme coins reveals the extreme volatility common in the crypto meme coin market. Rapid gains can be followed by equally swift losses. The sharp downturn raises concerns about the future of these meme coins and their place in the broader crypto market.
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