Crypto Memes on Sale: Bargain Hunting or Risky Bet?
Release: 2024/12/19 16:24 Reading: 819
Meme Coins Plunge, Bitcoin Falls to $100,000 Level
Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced a significant downturn, with DOGE dropping by 6.01% and SHIB by 6.13%. Bitcoin (BTC) has also declined, reaching the $100,000 price level.
In the past 24 hours, approximately $681.11 million worth of long positions have been liquidated.
Downward Trajectory of Meme Coins
DOGE, SHIB, and Pepe (PEPE) have been heavily impacted, with DOGE and SHIB experiencing losses of over 6% and PEPE dropping by nearly 11%. Data from CoinMarketCap indicates that all meme coins have declined by double-digit percentages in the past week, following a period of significant growth in recent months.
The meme coin decline coincides with a broader market correction, with BTC falling to the $100K level and Ether (ETH) trading at $3,600.
Market Opportunity
Despite the downturn, meme coins remain a significant part of the digital asset landscape, with a combined market cap of $117.4 billion. This could present a potential buying opportunity for top-performing meme cryptocurrencies amid the broader market decline. The high trading volume of $24.8 billion in the meme coin sector over the past 24 hours suggests continued interest in this area.
Note:
The original text included a reference to Pudgy Penguins (PEN), which is not a meme coin. The reference has been removed.
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