Market Turmoil: A Tough Day for Meme Coins
It’s been a challenging day for the entire cryptocurrency market, with meme coins taking a significant hit. The highly debated category has seen a collective 7% drop, mirroring the overall decline in the crypto market.
Meme Coins Performance
The meme coin sector experienced a substantial 7% decline in the last 24 hours, with some coins suffering more than others. Here is a breakdown of the performance of some larger-cap altcoins:
- DOGE: -4.7%
- SHIB: -6.4%
- PEPE: -5.8%
- FLOKI: -4.2%
- BRETT: -9.1%
- BONK: -2.8%
- BOME: -6.1%
Smaller-cap meme coins experienced even more significant losses. For example, RYU plummeted by 79% in the last 24 hours, while MUMU and ANDY saw a decline of around 25%.
Notably, BODEN, a trending meme coin, managed to buck the trend and increased by 10.6% compared to its price 24 hours ago, standing out amidst the market turmoil.
Wider Market Downturn
Bitcoin is currently trading below $61,000, a level not seen since May 13th. The recent decline can be attributed to an announcement from the Mt. Gox exchange stating that the trustee is preparing to start compensating creditors in line with the rehabilitation plan from July onwards.
This news triggered a market-wide sell-off, with red dominating the charts across all major cryptocurrencies.
The market downturn led to the liquidation of $315 million in leveraged positions over the past day, with BTC accounting for approximately $130 million of the total. Ethereum follows closely behind with $72 million.
ETH is now trading below $3,300, with bears eyeing the $3,000 level as the initial support level. Meanwhile, Bitcoin’s crucial support is at $60,000, with $58,000 being the next significant level to watch if the bears manage to breach the $60K mark.
Hot Take: Stay Informed, Stay Cautious
In times of market volatility, it’s crucial to stay informed and exercise caution when navigating the cryptocurrency landscape. Keep a close eye on market trends, news, and developments to make informed decisions regarding your investments.
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