Price: $0.35693 -11.537%
Market Cap: 52.39B 1.8099%
Volume (24h): 15.3B 0.4%
Dominance: 1.8099%
Price: $0.35693 -11.537%
Market Cap: 52.39B 1.8099%
Volume (24h): 15.3B 0.4%
Dominance: 1.8099% 1.8099%
  • Price: $0.35693 -11.537%
  • Market Cap: 52.39B 1.8099%
  • Volume (24h): 15.3B 0.4%
  • Dominance: 1.8099% 1.8099%
  • Price: $0.35693 -11.537%
Home > Information news > Cryptocurrency Market Faces Significant Decline

Cryptocurrency Market Faces Significant Decline

Release: 2024/06/09 07:03 Reading: 359

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6664d697a4c6bb27d85acf7d

Cryptocurrency Market Experiences Notable Dip

The cryptocurrency market has witnessed a significant decline, with meme coins facing substantial losses. Among these, Dogwifhat (WIF) has been the most heavily impacted, dropping by 18% over the past 24 hours. This decline has brought WIF's market valuation beneath the crucial $3 billion threshold, placing its position as the fourth-largest meme coin after FLOKI at risk.

Impact on the Meme Coin Sector

WIF's downturn is part of a broader trend affecting meme coins. Leading meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have also experienced notable losses, albeit to a lesser extent. DOGE, SHIB, and PEPE have declined by 9.7%, 7.5%, and 11.3%, respectively. As per CoinGlass data, this downward trend has resulted in meme coin investors losing over $20 million in long positions within the last day. Overall, the cryptocurrency market's total value has plummeted by 3.2%, with Bitcoin (BTC) itself experiencing a 3.5% drop.

The sharp declines in the meme coin segment form part of the most severe downturn in the crypto market since mid-April. The total liquidation in the market has reached $415 million, marking the largest liquidation event since April 13, 2024. This widespread sell-off reflects elevated levels of market volatility and investor apprehension.

Resilience in Small-Cap Meme Coins

Paradoxically, while larger meme coins have faltered, some smaller meme coins have exhibited resilience and even growth. For instance, the Base-based meme coin Basenji (BENJI) has surged by 33% in a single day, reaching a market valuation of $70 million. Similarly, Chompcoin (CHOMP) has recorded a 20% increase. These gains underscore the unpredictable nature of the meme coin market, where smaller tokens can occasionally outperform their larger counterparts.

WallStreetBets-Themed Meme Coins Feel the Pinch

In contrast, WallStreetBets-themed meme coins have encountered a particularly severe downturn. The meme coin GME, inspired by the GameStop stock that gained notoriety during the Reddit trading frenzy, has fallen by 33%. This significant decline occurred during a live broadcast by Roaring Kitty, a prominent figure among Reddit investors, leaving cryptocurrency enthusiasts disappointed.

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