Memecoin Prices Plummet Amid Macroeconomic Pressure

The cryptocurrency market has been experiencing a downturn due to macroeconomic indicators and geopolitical issues. Memecoins such as Dogecoin, Bonk, and Pepe have been particularly affected, with their prices dropping significantly in the last 24 hours.

According to CoinMarketCap, Dogecoin (DOGE) dropped by around 0.62%, forcing its price to trade at $0.09443 with a market capitalization of over $15 billion. In contrast, Pepe dropped by 1.94% with a market cap of $1.4 billion, while BONK fell by 1.81% with a market cap of $531 million.

The main reason behind this correction comes from the cautious mood across the entire crypto market after the Federal Reserve announced to keep interest rates steady at around 3.5% and 3.75%. This move has made borrowing cheaper and injected more money into the crypto market, but volatile assets like memecoins have faced selling pressure.