Memecoins dive 20% amid Market Crash: Will they ever recover from here?
Release: 2024/08/05 15:54 Reading: 589
Global Market Collapse Triggers Memecoin Plunge
Following a significant global market decline, the cryptocurrency market has witnessed a downturn, with prominent memecoins experiencing a sharp drop of over 20% in the past 24 hours.
Memecoin Correction: A Deeper Dive
Memecoins, which have been driving market action since the year's inception, have been significantly impacted by this correction. Analysts now question their potential for recovery.
Dogecoin, often dubbed the "Bitcoin of memecoins," has lost 17% in daily trading, accompanied by a decline in SHIB, PEPE, and FLOKI. Solana memecoins BONK (15%) and WIF (24%) have also experienced a downward trend. Newly launched memecoins like BRETT, PONKE, and DOG have also fallen into double digits overnight.
Market Crash: The Wider Impact
According to Coinmarketcap, the overall crypto market has lost 17% in the past 24 hours, with the total memecoin market cap plummeting by 22% to $30 billion. The cause of the recent sell-off is linked to Japan's unprecedented market crash, which saw the Nikkei N225 stock index drop by 12.7%.
This crash has reverberated through global markets, with Bitcoin and other cryptos falling sharply from early Sunday night to Monday morning. The cascade has resulted in over $1 billion in liquidations within the crypto market. In the early morning hours, Bitcoin's price dipped below $50,000 for the first time since January, with ETH reaching a low of $2050 and SOL at $109.
Analysts' Projections: A Recovery or a Long Road Ahead?
With the bloodbath continuing prior to the US weekly market opening, analysts predict that stock markets, cryptocurrencies (including BTC, ETH, and memecoins), will face further declines until the market potentially stabilizes on Tuesday.
Under these circumstances, memecoins are anticipated to rebound once the selling abates. However, it is doubtful that all memecoins will reach new heights in the immediate future. While leading crypto assets may recover from their losses, memecoins face an arduous task in regaining their former highs due to a severe liquidity shortage.
Historically, memecoins have taken extended periods to recover following similar market downturns. While major memecoins like Dogecoin and Pepe may follow Bitcoin or Ethereum in post-dip rallies, it is highly uncertain if mid-cap memecoins (BONK, WIF, FLOKI, etc.) will witness new peaks from this point onward.
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