Elon Musk-inspired meme coin Meme AI has dropped by as much as 30% in the last week, as crypto markets enter freefall. The decline comes as Bitcoin plunged below $60,000 hitting its lowest point since February. Both Shiba Inu and Dogecoin also experienced double-digit drops in recent days.
Built on the back of the tweet below from Elon Musk, the meme generator was made, tailoring its tool for crypto communities. This resulted in the creation of its native token MEMEAI, which peaked at $0.03688 in early March this year. These declines come as expectations for a U.S. Federal Reserve to cut rates in June have been all but squashed. The domestic economy has outperformed expectations in recent months, and this resilience has boosted the prospects of inflation remaining higher. Presently, consumer prices have yet to fall back to the Federal Reserve’s 2% target, climbing by 304% in Q1.
There are 69 billion WAI tokens 30% of which have gone into its presale. By leveraging the potential of its predictive technology and attractive community rewards, it has seen 829,603,016 tokens staked by early investors. Over 620 $WAI tokens have now been handed to these investors in the form of rewards.