5 Worst Performing Cryptos: Late Friday evening, Bitcoin underwent its fourth halving at block 840,000, reducing the mining reward from 6.25 to 3.125 new bitcoins per block. This process is scheduled approximately every four years to reduce the rate at which new bitcoins are generated, thereby controlling inflation and extending the currency’s longevity.
As per the historical trend, the reduced supply and steady or increasing demand following the Halving event have typically triggered a significant uptrend in both Bitcoin and the broader altcoin market.
However, despite the anticipated bullish trend following the halving, some altcoins may underperform, suggesting that investors carefully seek out better investment opportunities.
Also Read: 6 Expert Picked Crypto To Buy On The Cusp Of 2024 Bitcoin Halving
1) Dogwifhat (WIF)
Dogwifhat (WIF) is a memecoin based on the Solana blockchain, known for its engaging community and the vibrant meme of a Shiba Inu wearing a hat. For over a week, the WIF price has been wavering sideways between $3.172 and $1.98, projecting clear dominance of buyer or seller.
The Dogwifhat price currently trades at $2.86, projecting an intraday loss of 2%. This memecoin holds a market cap of $2.85 Billion and is marked as the 40th largest cryptocurrency by market cap.
As analysis of the daily chart shows, a downsloping trendline has been leading an active correction trend for the past three weeks, and a breakout above it is a must to reclaim the bullish trend.
Also Read: Coinbase To Expand Crypto Futures with New Dogwifhat Offering
2) Bittensor (TAO)
Bittensor (TAO) is an innovative decentralized machine learning network designed to decentralize the development and training of AI models. The TAO coin entered the current correction trend in early March as its price reverted from $756.8.
Since then a descending trendline is guiding a steady downtrend which plunged its value nearly 40% to currently trade at $457. The Bittensor shows its current market cap at $3.05 Billion, while the 24-hour trading value is at $41.3 Million.
If the selling pressure persists, the TAO price may breach the 200-day EMA slope at $400, signaling a major shift in market dynamics favoring sellers.
Also Read: 3 Top Altcoins To Hold After Bitcoin Halving Targeting 100x Profit
3) Ethena (ENA)
Ethena (ENA) is a cryptocurrency project that revolves around a synthetic dollar protocol called USDe, designed to provide a stable and scalable form of currency in the crypto-native space.
Within a fortnight, the ENA has witnessed a notable correction reverting from the top of $1.5 to a $0.8 low which accounted for a 46% fall. However, amid the current market consolidation, the ENA price seeks support at the aforementioned low and rebounded above the $1 mark.
The market cap of Ethena coin currently stands at $1.43 Billion, while the trading volume plunged 24% since yesterday to $493 Million.
If the supply pressure persists, the ENA price may breach the $0.8 support to lead a correction trend to the $0.6 mark.
4) Pepe Coin (PEPE)
PEPE is a deflationary memecoin, launched on Ethereum as a tribute to the Pepe the Frog meme by Matt Furie. It mirrors the rise of Shiba Inu and Dogecoin, aiming to rank among the top meme cryptocurrencies.
Pepe coin initiated its current downturn in mid-March, with prices retreating from a peak of $0.00001084. A gradual decline erodes its value by nearly 50% to its present rate of $0.00000538. The current market capitalization stands at $2.27 Billion, with a 24-hour trading volume of $427 Million.
The downtrend takes a pattern of falling channel however, the trend consolidates above $0.000005 with the support of 100D EMA. If the overhead trendline persists, the PEPE price extends its correction to the $0.00000257 mark.
Related Article: Pepe Coin Price Eyes Key Breakout Ahead of Bitcoin Halving
5) Toncoin (TON)
Toncoin, the native currency of The Open Network (TON), is a decentralized blockchain developed originally by the encrypted messaging service Telegram. Although Telegram withdrew from the project, it was continued by the TON Foundation and rebranded to “The Open Network.”
Toncoin is witnessing a dynamic shift in its market behavior as the market cap approaches $21.1 Billion. Previously, the price had experienced significant fluctuations, marked by a sharp rise to its peak of $7.6 and an immediate correction to $5.
Recently, the TON price exhibited a notable lower price rejection at the support trendline, suggesting a resurgence in buying pressure. Considering the support break, the TON price could have plunged below the $5 mark.
Key Takeaway
On Saturday, the cryptocurrency market remained relatively stable despite the completion of the much anticipated Bitcoin Halving. The leading digital asset continues to waver at $63000, signaling the continuation of current market consolidation.
However, the renowned trader Alicharts highlights that despite the rollout of Bitcoin ETFs and the recent halving, public search interest in Bitcoin and cryptocurrency has not spiked, suggesting that the market could be in the early phases of a bull run. This subdued search interest might indicate untapped potential for growth in the crypto sector.
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