The cryptocurrency market is in retreat once again, with bitcoin dumping below ,000 for the second time since Monday evening. While many altcoins are also deep in the red, the ever-volatile meme coin sector has produced some of the most violent corrections. Although there are many success stories of small-time investors turning thousands of dollars into hundreds of thousands or even millions, the meme coin niche remains highly-volatile and risky, especially in times of market-wide corrections. The current situation solidifies this narrative. Bitcoin has declined by 3% on a daily scale, dropping below ,000 minutes ago. Many larger-cap alts, such as ETH, SOL, and BNB, have slipped even more – by around 7% each. However, assets from the meme coin industry, like BONK,
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Jordan Lyanchev considers the following as important: AA News, DOGEBTC, dogecoin, DOGEUSD, Shiba Inu (SHIB), SHIBBTC, SHIBUSD
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The cryptocurrency market is in retreat once again, with bitcoin dumping below $95,000 for the second time since Monday evening.
While many altcoins are also deep in the red, the ever-volatile meme coin sector has produced some of the most violent corrections.
Although there are many success stories of small-time investors turning thousands of dollars into hundreds of thousands or even millions, the meme coin niche remains highly-volatile and risky, especially in times of market-wide corrections.
The current situation solidifies this narrative. Bitcoin has declined by 3% on a daily scale, dropping below $95,000 minutes ago. Many larger-cap alts, such as ETH, SOL, and BNB, have slipped even more – by around 7% each.
However, assets from the meme coin industry, like BONK, FLOKI, and WIF, have all dumped by around 20%. Consequently, BONK is down to $0.00034, FLOKI is south of $0.00022, and WIF struggles beneath $2.8.
The landscape around the two largest meme coins is not that much brighter. Shiba Inu is the worst performer from the top 20 altcoins, having dumped by 15% to $0.000025.
Dogecoin is also down by double digits. DOGE has slumped by 12% in the past 24 hours and now trades well below $0.4. Recall that the OG meme coin charted a new multi-year peak of $0.485 only a few days ago.
The market-wide correction has resulted in nearly $1.7 billion in liquidations across all assets. Naturally, longs are responsible for the lion’s share, with $1.5 billion.
ETH is first from the individual assets, with $250 million in longs wrecked, followed by BTC with $175 million. Interestingly, DOGE ranks third, even though it’s the sixth-largest non-stablecoin asset, showcasing the dangers of over-leveraged meme coin trading.