In today’s tumultuous market selloff, memecoins faced a substantial setback, witnessing an almost double-digit drop in market capitalization compared to the broader market.
Earlier reports from Matrixport hinting at the SEC’s potential rejection of Bitcoin ETF applications triggered a swift and significant liquidation across the cryptocurrency market. In a mere four hours, the market experienced a staggering loss of over $540 million, with Bitcoin and Ethereum witnessing nearly a 10% dip.
However, the meme coin sector bore the brunt of this liquidation, with all significant meme tokens suffering losses exceeding 10% on the day. Bonk, the latest sensation in the meme coin realm, incurred a substantial 16% loss, plummeting 66% from its all-time high achieved less than three weeks ago.
Among the top meme tokens, Dogecoin experienced a particularly harsh decline, dropping from $0.090 to $0.0819 in just 15 minutes. Although the leading meme coin made a modest recovery after that, the impact was notable. Shiba Inu also faced a dip of over 10% during the day, yet its significant December rally left it nearly 8% higher over the past 30 days.
While the overall cryptocurrency market cap witnessed a 4.9% decline today, the meme coin market cap took a more substantial hit, falling by almost 11.5%—more than double the average drop. As speculations surrounding the potential approval of Bitcoin ETFs continue to circulate, the intriguing question remains: how significantly will it impact the volatile meme coin market? Stay tuned for insights into the evolving crypto landscape.
Source: Crypto.News
