Memecoins are feeling the heat, after a rough ride on Monday, Dogecoin, Shiba Inu, and their memecoin buddies are still struggling to recover from a major market shake-up.
Bitcoin’s rollercoaster ride
On Monday morning, Bitcoin was riding high at $100,000, but by late afternoon, it took a nosedive below $95,000.
This drop sent shockwaves through the crypto market, leading to over $800 million in liquidations in less than an hour. Don’t do leverage, guys!
While Bitcoin has bounced back somewhat and is currently, in the time of writing is priced at $97,300, the memecoins aren’t so lucky. The memecoin category has plummeted by more than 15% in just one day.
Memecoins still in the red
Dogecoin, the original memecoin is down about 10% over the last 24 hours, sitting at $0.39. It barely managed to recover after dipping below this level on Monday.
Dogecoin is down 3% for the week, now matter how popular is, and has dropped sharply from its three-year high of $0.48 reached just over the weekend.
Shiba Inu isn’t faring much better, it’s down 12%, now trading at $0.000026.
Other memecoins like Dogwifhat have taken an even bigger hit, falling 18% to $2.88, while Bonk dipped 16% to $0.000037, and Floki slipped by 15%, now priced at $0.00023.
The only memecoin in the top 100 cryptocurrencies that hasn’t seen a double-digit drop is Pepe, which is down just over 7%, currently sitting at $0.000025.
Performance matters
In contrast to these struggling memecoins, Bitcoin has shown resilience with only a slight decline of 1.3% over the past day.
Ethereum and Solana have both dropped nearly 6%, while XRP, which had been on a roll in the past weeks, is down almost 11% today.
So while Bitcoin is finding its footing again, memecoins like Dogecoin and Shiba Inu are still licking their wounds after a rough Monday.
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