Leading Memes SHIB, DOGE, PEPE Crash As Market Downturn Escalates

Meme Coins Plunge Amidst Crypto Market Downturn

As the crypto market continues its descent, leading meme coins like Shiba Inu (SHIB), Dogecoin (DOGE), and PEPE have suffered significant losses.

Meme Coins Flounder

The market downturn has taken a toll on the entire crypto market, including meme coins. These highly volatile assets have plummeted by approximately 7%, adding to an ongoing decline.

Larger-Cap Altcoins Performance:

• DOGE: -4.7%
• SHIB: -6.4%
• PEPE: -5.8%
• FLOKI: -4.2%
• BRETT: -9.1%
• BONK: -2.8%
• BOME: -6.1%

Small-Cap Meme Coins Crash

Smaller meme coins have experienced even greater losses. For instance, RYU has dropped by 79% in the past 24 hours, while MUMU and ANDY have lost approximately 25%.

Exception to the Rule

In contrast to the broader decline, the trending meme coin BODEN has managed to gain 10.6% over the past day, making it an outlier in the current market.

Broader Market Decline

The crypto market as a whole is reeling, with Bitcoin (BTC) falling below $61,000 for the first time since May 13th. This decline is attributed to news that the Mt. Gox exchange will begin repaying creditors under its rehabilitation plan.

Liquidations and Target Levels

The downturn has wiped out $315 million in leveraged positions, with BTC accounting for $130 million and Ethereum (ETH) losing $72 million. ETH is now trading below $3,300, and bears are eyeing $3,000 as the next level of support.

For BTC, support is found at $60,000, a crucial psychological level. However, if bears break through this barrier, $58,000 becomes the next significant support level to watch.