"Memecoins Plummet: PENGU, TRUMP Near All-Time Lows"

The memecoin sector is currently grappling with a significant downturn, with PENGU and TRUMP both nearing new all-time lows (ATL). Once high-flying tokens, both have experienced substantial value erosion over the past few weeks, reflecting a broader decline in memecoin assets.

PENGU has continued its January freefall, dropping from a local high of $0.04 to a press time price of $0.01 – A staggering 75% decline in just under a month. While the token attempted a short-lived rebound at $0.025, it failed to maintain any momentum, leading to a series of lower lows. The candlestick chart underlined sustained selling pressure, with only brief periods of relief buying. If PENGU breaks below its psychological support of $0.01, it could open the door to further downside.

TRUMP has mirrored PENGU’s decline, dropping from a January peak of $80 to just $18 – Representing a 77.5% loss in value. Unlike PENGU, TRUMP’s decline has been more gradual, but no less severe. Its price action hinted at an absence of strong support, with the token trading in a tight consolidation range between $18 and $20. If bearish momentum persists, TRUMP could soon retest its previous ATL, making it one of the worst-performing memecoins in recent weeks.

The struggles of PENGU and TRUMP are not isolated cases, as the entire memecoin sector is experiencing a downturn. Data revealed that the total market cap of memecoins has fallen sharply lately, reflecting a broader decline in speculative interest. The most notable trends include a market-wide drawdown, with figures for the same falling from over $80 billion to $67.87 billion – A 15% decline over the last few weeks. Meme sector dominance has also been affected, with the dog-themed and Elon Musk-inspired meme categories seeing significant reductions in capital inflows. Retail exhaustion is evident too, as social sentiment and on-chain activity hinted at waning interest in memecoins, contributing to lower liquidity and prolonged downtrends.

While the short-term outlook remains bearish, memecoins have historically seen explosive comebacks following extended drawdowns. For PENGU