Memecoins
Dogecoin and Shiba Inu’s 15% Drop in Seven Days Sends Meme Coins’ Valuation Down 10%: ‘Double Down’
The global cryptocurrency market cap is down 3% to $2 trillion on Friday. Yet the valuation of the meme coin market has plunged 10% in one day.
What happened: It’s a cryptocurrency market in full crisis.
Data from Coingecko shows that the meme coin market cap is trading down 10% to $42.8 billion. Dog Hat WIF/USD and Bonk BONK/USD are the only two meme coins in the top 10 that held their gains.
While Dogecoin DOGE/USD and Shiba Inu SHIB/USD lost about 12-15% of its value earlier today, but dog coins have recovered some of their losses. Dogecoin’s losses came on the back of large whale movements and high liquidations. Shiba Inu maintained positive daily active addresses.
Over the past seven trading days, Dogecoin and Shiba Inu have each seen a 15% decline, destabilizing the meme coins’ valuations – and investor confidence.
Cryptocurrency trader Dami-Defi stressed in a tweet that traders should pay attention to altcoins with strong recoveries.
Another crypto trader HENRI.SOL sharp to Bonk’s strength as it’s a “great example of why this is a meme coin-driven cycle.” He compared that over the last 90 days, BONK is down 1.24% while Solana is down 23.65%.
Read also : The ‘easy days’ of crypto are over and meme coins helped, trader says
Why is this important: JR5 Crypto Cryptocurrency Trader tweeted that amid falling markets, he seeks positions on the best meme coins. He added: “I double my positions when prices are low.”
Meanwhile, another Blockchainedbb trader in a Bitcoin update For traders, it was pointed out that since meme coins are out of the question below the 200 daily EMA, short selling is the only way to make money in crypto up to the $44,000-$48,000 area.
Crypto Industry Expert Degentraland appreciated He said the current market crash was absolutely necessary. He added that everyone who bought low-float, high-FDV tokens and celebrity meme coins has been shaken. He concluded optimistically: “Now we can only resume in peace.”
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