Numerous major cryptocurrencies and meme coins suffered significant losses following a decline of the entire market in the past several hours.
The Pullback
The cryptocurrency sector experienced a severe correction in the last 24 hours, which erased much of the gains recorded last week. Currently, the global crypto market capitalization is less than $2.2 trillion, with Bitcoin and Ethereum also losing their key resistance levels.
Situation with Leaders
The biggest meme coins – Dogecoin and Shiba Inu – are also down, albeit more modestly. Dogecoin is currently trading just south of $0.10, representing a 6.5% decrease. Shiba Inu has recorded a similar decline. The situation is exacerbated by the poor performance of the Shibarium platform and the lack of significant progress in the SHIB burning program.
Other Meme Coins
Among meme coins, WIF and Bonk Inu were the hardest hit, falling by 10%. The frog-themed meme coin Pepe is also down nearly 10%, while its competitor Brett has tumbled by 7%. Popcat is the only meme coin from the top 20 list that has shown positive performance, soaring 3% in the past 24 hours.
Current market trends show significant price fluctuations among cryptocurrencies and meme coins. Many popular tokens continue to experience significant losses, which could impact their future performance.
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