A lot of court cases are brewing in the crypto industry. Some recent ones are the Binance vs SEC Case and those between the regulator and Kraken. So, these rampant cases led to the question of whether Dogecoin and Pepe would survive the bear market that might follow. Continue reading as we find out below.
Dogecoin and Pepe Experience Massive Declines in Price Due to Court Cases
- There’s a bit of a downcast mood in the crypto industry after the law case between the Securities and Exchange Commission and Binance. So, apparently, there was a new development requiring the exchange to pay as much as $4.3 billion as a fine. Apparently, the original accusation in the case was the crypto exchange engaging in money laundering activities. So, another one of the major allegations was the trading of illegal securities on the platform.
- Due to the new development of the law cases, there was a massive decline in certain cryptocurrencies. So, some of those affected by the situation were Dogecoin and the Pepe token. There was a decline of around 15% and 8%, respectively, for the two tokens. Dogecoin and Pepe tokens weren’t the only tokens receiving the effects. So, there was also a decline in Bitcoin and Ethereum.
Can Dogecoin and Pepe Survive The Raging Legal Battle in the Crypto Industry?
- With the new development regarding the Binance case, a new question surfaces. Can Dogecoin and Pepe survive a bear market that may come due to the law cases?
- Judging from the current market situation, the two popular meme coins are holding on and riding with the market. So, so many metrics show there won’t be massive effects. Despite their decline, Dogecoin is already on a bullish rally in the past 24 hours. So, according to data from Coinmarketcap, Dogecoin reached as much as $0.0765 in a day. On the other hand, the Pepe token reached as much as $0.000001133.
Dogecoin Current Price Update
- Dogecoin is doing quite well for a meme coin, judging from the current market conditions. Nevertheless, one can still see the effects of the Binance vs SEC Case on the weekly chart with a more than 5% decline.
- DOGE is still holding to the gains of the October rally. So, the monthly chart is still full of greens with more than a 17% increase.
Pepe Coin Current Update
- Pepe isn’t doing poorly in the market either. So, the market outlook of this token is very similar to that of Dogecoin. They are heavily suffering from the market situation of the past week. However, they are still holding on to the past month’s gains. So, the market chart of the Pepe token shows a gain of more than 47%.
Conclusion
One of the major questions in the market is how cryptocurrencies like Dogecoin and Pepe tokens will survive in the current situation. So, with the current uncertainty due to the Binance situation, can Dogecoin and Pepe still make progress? Well, the answer is above. While Dogecoin and Pepe suffer from the situation, they are still progressing. So, their market chart shows the bulls are still in control.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
