Stumbling Blocks: Bonk, Pepe in Scarlet, Amid Day's Poorest Performers
Hang Out with U.TODAY on Google News * Memecoin Mayhem: BONK, PEPE, SHIB Taking a Dive* Bitcoin-Based ETFs Soaring High with $115B in Assets, Apex Since Mid-February
While the broader cryptocurrency market is experiencing a slump, meme coins are feeling the heat today, specifically BONK, PEPE, and SHIB. Here's the lowdown on what's happening.
Memecoin Mayhem: BONK, PEPE, SHIB Taking a Dive
On May 3, 2025, the meme coins BONK and PEPE are taking a hit, losing over 4.6% and 3.1% respectively. BONK's price dipped to $0.0000178, while PEPE is teetering at $0.000008491, nearing multi-week lows with a market cap close to $3.5 billion.
In the face of this carnage, the Dogecoin (DOGE) price slipped 0.9%, and Shiba Inu (SHIB) plunged to $0.00001323, putting it on the brink of loosing its spot in the top 20 cryptocurrencies by market cap.
Not all is gloom and doom, though. Squeezing past the doom and gloom, smaller meme coins like Pudgy Penguin (PENGU) are thriving, with a rocketing 12% overnight.
The overall market benchmark has taken a hit, dropping by 2.1%. The cumulative capitalization of digital assets is now at $3.1 trillion.
Bitcoin-Based ETFs Soaring High with $115B in Assets, Apex Since Mid-February
In contrast to meme coins, Bitcoin (BTC) and Ethereum (ETH) are marching onward. The top coins have risen by 0.1%. Investors are optimistic due to positive ETF flows for the third day in a row.
Data from CoinGlass indicates that Bitcoin-based spot ETFs in the U.S. have seen their assets under management (AUM) surge for almost three weeks. The total AUM of Bitcoin ETFs increased from $91 billion to over $115 billion, adding 26.4% in just days.
Yesterday, for the first time in two weeks, investors managed to boost Bitcoin (BTC) spot ETFs AUM by over $100 million in 24 days.
As of press time, Bitcoin (BTC) is worth $96,283.
#CryptoTrendsNow#BONKAlert#WarOnPEPE#ShibaInuSOS
Behind the Scenes:
Bonk (BONK): Despite some volatility and stability near support levels, Bonk lacked a significant upward move due to a balanced market sentiment and a shift in focus towards innovative meme coins with unique features. Traders were looking for strong bullish signals before making substantial moves, such as breaking resistance levels around $0.000022 to $0.000025.
Pepe (PEPE): Pepe's price fell by around 3.1% on May 3, approaching multi-week lows in terms of market cap and trading close to $0.000008491. This downward trend was linked to short-term corrections following periods of retail investors taking profits after previous rallies. Technical analysis hinted at Pepe potentially retesting support levels near $0.0000097 before bouncing back.
Shiba Inu (SHIB): Despite initial positive momentum due to whale activity and higher trading volumes, Shiba Inu faced some setbacks on May 3 due to a broader meme coin sentiment favoring emerging tokens over traditional ones like SHIB. Competition and investor fatigue from older meme coins like SHIB contributed to the price dip.
To Sum It Up:
The May 3, 2025 price declines for BONK, PEPE, and SHIB were driven by short-term corrections due to profit-taking by investors, technical resistance tests, and the general tendency of the market to seek innovative and promising new meme projects over traditional options. However, these temporary setbacks did not change the long-term potential for growth for these meme coins, as they are inherently linked to shifting investor focus within the evolving meme coin space.
- Despite the broader cryptocurrency market's slump, Bitcoin-based ETFs have seen their assets under management (AUM) surge, reaching over $115 billion since mid-February.
- In contrast to Bitcoin and Ethereum's steady rise by 0.1%, meme coins like BONK and PEPE have taken a hit, losing over 4.6% and 3.1% respectively.
- Not all meme coins are struggling, as smaller coins like Pudgy Penguin (PENGU) are thriving, with a rocketing 12% overnight.
- The overall crypto market has taken a hit, dropping by 2.1%, with the cumulative capitalization of digital assets now at $3.1 trillion.
