The Meme coin market is experiencing a downturn as the Bitcoin halving event draws near. Recent price increases in Bitcoin have influenced the trends in the Meme coin market. Investors are closely watching the Bitcoin halving to predict future movements in meme coins.

Meme Coins in the Spotlight

In mid-March, a surge in Bitcoin prices triggered a frenzy in meme coins, particularly those built on the Solana network. The approval of Bitcoin ETFs and increased market investments played a significant role in propelling Bitcoin to record highs. Subsequent to market declines, traders are now anticipating the impact of the imminent halving on meme coins and overall market sentiment.

As the halving event looms, leading to a market decline in cryptocurrencies, meme coins also exhibit signs of turmoil. However, a recent recovery in Bitcoin prices has shown a glimmer of hope for some meme coins.

Status of Individual Meme Coins

Dogecoin (DOGE) faced mixed fortunes with a marginal 3.2% gain in the last 24 hours following a 21% decline earlier in the week. Currently trading at $0.1505, DOGE's ability to hold above $0.15 serves as a critical benchmark for investors.

Market capitalization and daily trading volumes witnessed an upsurge, with the market cap reaching $21.6 billion and a 12% rise in daily trading volume to $2.1 billion.

Shiba Inu (SHIB), the second-largest meme coin by market volume, recorded a modest 2.7% increase in the last 24 hours. Despite recent gains, losses during the week have offset overall progress.

SHIB observed a 20% decrease this week with a 14% drop in trading volume to $542 million. Currently standing at the 11th position in terms of trading volume, SHIB continues to face fluctuations.

Focus has also shifted to WIF and PEPE, ranking 3rd and 4th respectively in the meme coin space. WIF experienced an upward trajectory surpassing PEPE in recent days, with the current trading rate at $2.54, marking a 6.47% increase. Conversely, PEPE is trading at $0.000005113 following a modest 2.53% increase.

With the Bitcoin halving fast approaching, the market's reaction and potential impact on meme coins remain a topic of great interest amidst the ongoing market shifts.