The Crypto Market Witnesses Liquidations as Investor Confidence Weakens
The crypto market experienced slight liquidations after recording small gains following the Federal Open Market Committee’s (FOMC) meeting. This led to a decrease in investor confidence, resulting in liquidations in Bitcoin (BTC), Ethereum (ETH), and memecoins over the past 24 hours.
During this period, the memecoin market saw a 4% plunge, with a total capitalization of $53.4 billion and a trading volume of $8.3 billion. However, despite the overall decline, some tokens managed to gain traction among users.
Memecoin Losers and Gainers
Dogecoin (DOGE), the market leader by market cap, experienced a 0.5% slump with trading volumes of $3.1 billion. Although the asset showed slight momentum in the last two days, it still recorded weekly losses of 9.2%.
Shiba Inu (SHIB) had larger outflows with losses of 1.8% in the past day and 12.8% throughout the week. However, it had an impressive performance over the last 30 days, with gains of 182.5%. Other memecoins such as PEPE, Dogwifhat, and BONK also suffered losses of 5.5%, 2.5%, and 1.8% respectively. These three memecoins have seen a downward trend this week, with losses ranging from 20% to 30%.
On the other hand, Potato saw a significant rise of 273%, while BobaCat and Poncho experienced upticks of 130% and 66% respectively. FLOKI and BOOK of MEME were among the top-performing memecoins, remaining in the green zone.
Wider Cryptocurrency Market Slump
The broader cryptocurrency market also witnessed a slight sell-off due to various factors, including changes in investor sentiment and monetary influences. A recent report from JP Morgan revealed that expectations of a bull run have significantly decreased compared to earlier this year. Additionally, macroeconomic factors have started to impact asset prices, despite the success of spot Bitcoin ETFs.
Moreover, the announcement of rate cuts may have led to a shift in focus towards the derivatives market, resulting in outflows. As of now, BTC and ETH are both trading negatively, with losses of 2%, while Solana and XRP have experienced declines of 3.6% and 4.7% respectively in the past 24 hours.
Solana Memecoins Face a Plunge
Within the Solana memecoin ecosystem, there has also been a significant market decline. These memecoins experienced an 11% plunge with a trading volume of $2.1 billion. However, Solana itself has managed to maintain its upward trend despite the downturn in other memecoins, thanks to its strong community support.
One popular Solana memecoin called Slerf saw a staggering 14% decline during this period, further adding to the list of memecoin losers.
Hot Take: Crypto Market Shakes as Liquidations Continue
The crypto market is currently experiencing a shake-up as liquidations persist following the decline in investor confidence. While some tokens have managed to gain traction, others continue to face losses.
It’s important for crypto investors to closely monitor market trends and adjust their strategies accordingly. The recent sell-off and fluctuating prices highlight the volatility of the crypto market, emphasizing the need for caution and careful decision-making.
As the market continues to evolve, it’s crucial for investors to stay informed about the latest developments and make well-informed decisions based on their risk tolerance and investment goals. By staying updated and adapting to market conditions, crypto investors can navigate the ever-changing landscape and potentially capitalize on profitable opportunities.
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