Total crypto market cap plunges 3.5% to $2.26T as meme coin rally fizzles out

Crypto Market Dip Reverses Yesterday's Surge

The global cryptocurrency market capitalization has declined to $2.26 trillion, erasing yesterday's gains.

Bitcoin and Ethereum Lose Momentum

Bitcoin has fallen from its recent high of $64,400 to $62,000, a 2% drop. Ethereum, similarly, has dipped to $2,420 with a 2.3% decrease from yesterday's peak of $2,518.

Altcoins Shed Value

Amongst the top 10 altcoins, Dogecoin has lost 6%, followed by Solana's 4% and 9% declines in the past 24 hours and seven days, respectively.

Meme Coin Rally Fizzles

Meme coins, which had experienced a recent surge, have seen a reversal. The meme coin market cap has shed 2% and currently stands at $52.5 billion.

NEIRO and POPCAT previously led the rally with record-breaking gains, but POPCAT has since dropped 17%. NEIRO, however, remains strong with a 15% rise in the past 24 hours.

Other meme coins like Dogecoin and Shiba Inu have witnessed losses between 5%-10%.

Uncertain Market Outlook

The market's current trajectory remains unpredictable, as utility-driven coins face dethronement by meme coins. Some analysts suggest that the current period may be marked as "meme coin season."