Pepe and Dogwifhat Down By Double Digits While Popcat Marked Significant Gains
Release: 2024/08/28 16:53 Reading: 336
Major Cryptocurrency Market Sees Decline, Memecoins Suffer
On August 28, 2024, the cryptocurrency market has witnessed a significant downturn. Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have experienced substantial drops, with BTC declining by 6.45% and ETH sliding by 8.70%.
Memecoin Market Cap Drops
This bearish trend has also impacted the memecoin market, leading to a 7.6% decline in total market capitalization, which now stands at $40.87 billion.
Pepe and Dogwifhat Hardest Hit
Among the memecoins experiencing the most significant declines are Pepe (PEPE) and Dogwifhat (WIF). Pepe, known for its active community and viral popularity, has taken a 10.5% hit, bringing its current trading price to $0.000007641. Dogwifhat (WIF), a popular memecoin on the Solana network, has also suffered losses, with its price dropping by 10.60% to $1.57.
Liquidations Surge
The sharp declines in PEPE and WIF have resulted in a surge in liquidations. According to CoinGlass data, PEPE has seen a total of $4.17 million in liquidations, while WIF has experienced $2.76 million in liquidations.
Popcat Bucks the Trend
Despite the overall market decline, Popcat (POPCAT), another Solana-based memecoin, has defied the odds. While other coins were falling, Popcat has risen by 5.47% over the last 24 hours, currently trading at $0.7104 with a market capitalization of $696 million.
Conclusion
While the broader cryptocurrency market faces challenges, the memecoin market has also been significantly impacted. However, Popcat's unexpected surge demonstrates that not all coins are following the same downtrend. The cryptocurrency market remains volatile and unpredictable, highlighting the importance of caution and research before making investment decisions.
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