Price: $0.19310 -0.8623%
Market Cap: 28.33B 1.1248%
Volume (24h): 4.67B 0.2%
Dominance: 1.1248%
Price: $0.19310 -0.8623%
Market Cap: 28.33B 1.1248%
Volume (24h): 4.67B 0.2%
Dominance: 1.1248% 1.1248%
  • Price: $0.19310 -0.8623%
  • Market Cap: 28.33B 1.1248%
  • Volume (24h): 4.67B 0.2%
  • Dominance: 1.1248% 1.1248%
  • Price: $0.19310 -0.8623%
Home > Information news > Global crypto market stabilizes as Solana meme coins bleed

Global crypto market stabilizes as Solana meme coins bleed

Release: 2024/02/01 06:12 Reading: 752

Original author:crypto.news

Original source:https://coinmarketcap.com/community/articles/65bab0155023da1d56b6f88b

The crypto market witnessed a day of mixed fortunes as the global market cap climbed back to $1.7 trillion, signaling a stabilization after a 3% drop yesterday. 

Notably, Bitcoin surged to $43,600, marking its highest point since last week, despite a mere 6% increase in trading volume over the past 24 hours. In contrast, Solana (SOL) experienced a notable decline, shedding nearly 5% of its value today. 

The market also saw significant volatility in XRP, which plummeted to $0.49, its lowest in a month. This drop was primarily attributed to speculations around a $113 million breach affecting Ripple. However, XRP rebounded following confirmation from Ripple Co-Founder Chris Larsen that the breach was limited to his personal XRP wallets.

You might also like: FTX aims for full customer repayment; halts revival efforts

The meme coin market faced a significant downturn, with the market cap falling by 2%. Solana-based meme coins such as BONK and dogwifhat (WIF) experienced over 6% losses. PEPE also dipped by over 10%, while Shiba Inu and Dogecoin showed some resilience to the market dip.

A peculiar correlation seems to be emerging between the broader crypto market and the meme coin sector. While the crypto market experienced a decline yesterday, the meme coin market was notably up. Today, the trend reversed, with the global market stabilizing and meme coins facing a downturn.

Read more: Bitcoin ETFs surge with $247m inflow as BTC nears $44k again

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