“Buy The Dip” Mentions Hit 8-Month High Amid Crypto Crash

“Buy The Dip” Mentions Soar To 8-Month High Amid Crypto Crash

Updated: 20 December 2024

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The number of “buy the dip” mentions on social media platforms has reached its highest level since April after the crypto market cap plunged 6% and meme coins shed more than 9% of their value in the last 24 hours.

“With Bitcoin falling as low as $95.5K today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over 8 months,” said the on-chain analytics firm Santiment in a Dec. 19 X post. “The last time we saw the crowd nearly this enthusiastic about dip buying was the major crash on August 4th. Since that time, Bitcoin’s market cap is +81% higher.”

Bitcoin Drags Crypto Market Down After Falling Below $100K

Crypto market leader Bitcoin (BTC) dropped below $100K in the last 24 hours, and has since been unable to recover. As of 1:34 a.m. EST, the largest crypto by market cap trades at $96,490.59, which marks a more than 4% price decrease compared to the day before.

The pull back in BTC’s price comes after US Federal Reserve Chair Jerome Powell said the central bank will maintain a cautious stance on rate cuts in 2025. He also said that the Federal Reserve is not allowed to hold BTC, which poses a challenge to President-elect Donald Trump’s plans to create a strategic Bitcoin reserve.

Federal Reserve Chair Jerome Powell says the Fed is "not allowed to own Bitcoin"

They weren't allowed to own Corporate Bonds before Covid either.

Rules change… 😉 pic.twitter.com/3UBBUuKtdF

— Bitcoin Archive (@BTC_Archive) December 18, 2024

Crypto investor sentiment subsequently took a knock, with the market’s overall valuation sliding more than 6% in the past 24 hours.

Meme Coins Could Be The Best Opportunity To Buy The Dip

Meme coins were among the biggest 24-hour losers in the market, with their combined capitalization plunging over 9%. Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE), the largest meme coins by market cap, all saw their prices plummet more than 10% in the last 24 hours.

Sudeng (HIPPO) suffered the biggest 24-hour loss in the lighthearted sector of the crypto market. After a 21% correction, the crypto’s weekly performance has been pushed deeper into the red zone.