Market Rally Sparks Optimism, but Memecoins Face Pullback
The recent market rally has shown positive signals for many cryptocurrencies and has filled investors with optimistic expectations for the near future. However, while Bitcoin and Ether have achieved significant milestones and continue to perform well, meme coins are experiencing a momentary slowdown.
Bitcoin and Ether Milestones
Bitcoin surpassed the $50,000 resistance zone and has maintained strong support above this level. Ether, on the other hand, briefly surpassed the $3,000 support zone for the first time in almost two years. These achievements have fueled excitement among investors.
Meme Coins’ Decline
The overall market slowdown has affected meme coins as well. According to CoinGecko data, the meme coin sector’s market capitalization has declined by 7.0% in the last 24 hours. Several top meme coins have experienced price downtrends across different timeframes.
Top Memecoins Facing Losses
- Pepe (PEPE), dogwifhat (WIF), and FLOKI are among the biggest losers in the memecoin market.
- However, CorgiAI (CORGIAI) and PepeFork (PORK) prices show green numbers simultaneously.
- The top three memecoins by market capitalization—Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK)—are also displaying negative numbers.
Bonk’s Decline
Bonk is currently the biggest loser among the top 10 memecoins. Despite a recent revival with a 25% on-day rally, it has experienced a 5.8% decrease in market capitalization and a price drop in the last 24-hour and seven-day timeframes.
Dogecoin’s Performance
Dogecoin has shown signs of bullish recovery, but it has also experienced a decline in market activity and a decrease in trading volume.
Shiba Inu’s Decrease
Shiba Inu has seen a considerable price reduction and a decrease in market capitalization. However, its daily trading volume has increased.
Hot Take: Momentary Slowdown for Memecoins
Despite the recent pullback in memecoin performance, it’s important to note that the top three memecoins by market capitalization have seen positive performance in the 14-day timeframe. While there may be temporary setbacks, the memecoin market continues to show potential for growth and profitability.
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