Leading Memes SHIB, DOGE, PEPE Crash As Market Downturn Escalates
Release: 2024/06/25 14:59 Reading: 399
Majority of Leading Meme Coins Crash Amidst Crypto Market Downturn
Many of the prominent meme coins, including Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE, have experienced a sharp decline as the ongoing crypto market downturn intensifies.
Meme Coins Tumble
The meme coin sector has been impacted by the broader market decline. However, certain coins have bucked the trend.
Over the past 24 hours, the crypto market has faced significant challenges, and meme coins have been no exception. This highly volatile category has suffered a collective loss of approximately 7%.
Meme Coin Bloodbath
The overall meme coin category has lost around 7% in the last day. Individual coins have experienced varying degrees of losses:
- DOGE: -4.7%
- SHIB: -6.4%
- PEPE: -5.8%
- FLOKI: -4.2%
- BRETT: -9.1%
- BONK: -2.8%
- BOME: -6.1%
Small-cap meme coins have faced even more severe losses. For instance, RYU has plummeted by 79%, while MUMU and ANDY have lost approximately 25%.
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Broader Market Decline
Bitcoin is currently trading below $61,000 for the first time since May 13th. This decline is potentially attributed to an announcement by the Mt. Gox exchange that the trustee intends to initiate creditor payments under the rehabilitation plan by July.
The entire market has reacted negatively, with red being the dominant color across industry heatmaps.
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The downturn has resulted in the liquidation of $315 million worth of leveraged positions within the past 24 hours. BTC accounts for roughly $130 million of this, followed by Ethereum with $72M.
ETH is presently trading below $3,300, with bears targeting $3,000 as an immediate support level.
Bitcoin's support level is currently at $60,000, a psychologically significant level. If breached downwards, the next support to monitor is around $58,000.
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