The Total Cryptocurrency Market Cap Downtrend Continues
In the past 24 hours, the total cryptocurrency market cap has remained in a downtrend, with Bitcoin (BTC) leading the way. BTC briefly dipped below $60k before stabilizing around $61k during the early European session on Tuesday. This drop resulted in over $300 million in total liquidations, primarily affecting long traders.
Meme Coins Take a Heavy Hit
During this ongoing correction in the crypto market, the total valuation of meme coins has plummeted from approximately $70 billion to around $47 billion. This high level of speculation in the world of crypto has added to fears of further corrections in the coming weeks before the anticipated altseason pump.
- The Ethereum-based Shiba Inu (SHIB) has seen a 30 percent drop in the last four weeks, settling around $0.0000173 on Tuesday.
- The frog-themed Pepe (PEPE), with a fully diluted valuation of about $4.88 billion, has experienced a more than 22 percent decrease in the past four weeks, trading at around $0.00001161.
Meme Coin Whales Speed Up Market Dumps
While the price action of Bitcoin suggests further corrections, some traders have chosen to observe from the sidelines. On-chain data analysis reveals that a Shiba Inu whale address, which accumulated holdings between November and December last year, deposited all their coins in Binance, amounting to around $18.12 million.
Another whale moved 700 billion PEPE tokens, valued at over $7.8 million, to Binance and currently holds around 800 billion PEPE.
The Bigger Picture
Despite the ongoing market dump, well-known crypto analyst Ali Martinez remains optimistic about a strong rebound in the near future. Many are urging to buy the dip in anticipation of a market turnaround in the short term.
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