Memecoins
Meme Coins DOGE and SHIB post losses as Ethereum falls 4%
During this market lull, meme coins still performed well, but that trend appears to have come to an end. Major coins have seen losses that outpace Ethereum’s decline over the past 24 hours.
Legacy meme piece Dogecoin fell by 6.8% while Shiba Inu slipped 5.5% over the past day. In the meantime, dog hat fell 12.3%. But it wasn’t just dog coins, even Pepe experienced a drop of 7.3% and meme book fell 9.6%, according to CoinGecko data.
This comes after some kind of meme supercycle, like defined by a founding partner of Stratos, a crypto hedge fund. During the supercycle, institutional investors began to view meme coins as a legitimate investment. Solana we especially saw a huge increase in memes like dog hat make headlines before degens started live streaming to pump tokens.
Solana’s last elevator was Popcatwhich is now the only cat in the top 10 memes according to CoinGecko. It saw a meteoric rise of 35.5% over the past week. However, even this new addition to the meme coin list has not been immune to the latest market downturn, losing 12.9% in the last 24 hours.
Solana also jumped 20.9% in the last 7 days on strong results, but has now fallen 7.7% in the last 24 hours.
It appears that most of the damage was taken by memes, with Ethereum sliding 4.0%, a moderate loss compared to what memes took. But this notably means that ETH has fallen below $3,000 for the first time since May 2.
In turn, according to CoinGlass dataover $24 million in long Ethereum positions were liquidated in the last 24 hours, making a total of $27 million in liquidations including short positions.
The news comes the day after Grayscale informed the SEC that it was a withdraw your request to convert his Grayscale Ethereum Trust (ETHE) into a spot ETF, the same process he followed to convert his Grayscale Bitcoin Trust.
Edited by Stacy Elliott.