The recent energy crisis has had far-reaching effects on various markets, including cryptocurrencies. Memecoins such as Dogecoin, Bonk, and Pepe have been impacted by the global economic instability.
According to data from CoinMarketCap, Dogecoin dropped by around 0.62% in the last 24 hours, forcing its price to trade at approximately $0.09443 with a market capitalization of over $15 billion. Bonk fell by 1.81% with a market cap of $531 million, while Pepe declined by 1.94% with a market cap of $1.4 billion.
The downturn in memecoins can be attributed to the cautious mood across the crypto market following the Federal Reserve's decision to maintain interest rates steady at around 3.5% and 3.75%. This move has led to a decrease in investor confidence, causing them to step away from volatile assets like Dogecoin, Bonk, and Pepe.