As Bitcoin undergoes a sharp decline due to changing market conditions, meme coins such as Pepe and Dogwifhat also experience significant decreases in value, leading to doubts about the sustainability of the cryptocurrency rally. The recent downturn in Bitcoin can be attributed to various factors, including a decrease in demand for US exchange-traded funds and shifting views on Federal Reserve monetary policies. This resulted in a 5.3% drop in Bitcoin's value, stabilizing at around $66,735 during Singapore trading hours.

In line with Bitcoin's decline, meme coins favored by enthusiasts like Pepe and Dogwifhat have also seen substantial declines in their prices. This decline has raised concerns in the cryptocurrency market, indicating a broader trend of weakness exacerbated by economic pressures in the US and a reevaluation of investor sentiments regarding potential Federal Reserve interest rate adjustments.

The impact of Bitcoin's decline on meme coins like Pepe and Dogwifhat has been significant, with both witnessing notable price drops. Pepe Coin saw a 12.07% decrease in value in the past 24 hours, trading at $0.0000072968 currently. Similarly, Dogwifhat, which briefly became the third most valuable meme coin with a market capitalization of $4.4 billion, suffered a drop after reaching an all-time high of $4.85.

These declines suggest a possible end to the meme coin rally as investor excitement diminishes amidst market uncertainties and Bitcoin's declining value.

Despite expectations of a positive impact from the halving of new Bitcoin tokens this month, the cryptocurrency's recent performance has been mixed. From its mid-March peak of $73,798, Bitcoin has experienced challenges, losing about 10% of its value. This decline has coincided with a decrease in daily inflows into US spot-Bitcoin ETFs, indicating a shift in investor sentiment. Currently, Bitcoin is priced at $66,524 with a 24-hour trading volume of $32 billion, marking a 4.39% decrease in the past day.

Market analysts have varying views on Bitcoin's future, with some anticipating further gains from the halving event while others remain cautious due to the cryptocurrency's significant price increase since early 2023 and ongoing market uncertainties.