Bitcoin (BTC) has experienced a significant drop of over 10% in the past week, reaching a two-month low just above $26,000. This decline coincides with a reversal in the memecoin sector, which has also seen a drop in prices. Despite concerns among traders, some believe that BTC may be a short-term play to increase holdings at lower levels. Other cryptocurrencies, such as Ether (ETH), have also seen a decline in prices, though it has outperformed BTC slightly. The decline in memecoins, such as pepecoin (PEPE), dogecoin (DOGE), and Shiba Inu (SHIB), is largely due to the calming down of the FOMO sentiment with these new memecoins.
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