Cryptocurrency Market Plunges, Led by Meme Coin Selloff

Bitcoin, Ethereum, and Dogecoin experienced a significant decline, with the meme coin market witnessing a drop of over 14%, dragging the entire crypto market down by more than 5%.

Bitcoin, Ethereum, and Dogecoin Drop Sharply

• Bitcoin (BTC) fell by 7.4%.
• Ethereum (ETH) declined by 13.5%.
• Dogecoin plummeted by 13%.

Crypto Fear & Greed Index Hits Lowest Level Since September

Investor sentiment deteriorated, leading to the Crypto Fear and Greed Index dropping by 24 points to reach an "Extreme Fear" level of 25, the lowest since September 2022.

Factors Driving the Decline

• Cautious outlook from the Federal Reserve on interest rate cuts.
• Meme coin scandal involving Argentine President Javier Milei.
• $1.5 billion hack of crypto exchange Bybit.
• Concerns over potential tariffs by US President Donald Trump.

Meme Coin Market Struggles

• SPX6900 (SPX) experienced the steepest loss, dropping by over 17%.
• Pudgy Penguins (PENGU) extended its decline with a loss of 15%.
• Solana-based Dogwifhat (WIF) decreased by more than 14%.

Presales Offer Shelter

Investors sought refuge in presales to evade market volatility. Popular projects included:

• Solaxy: Layer-2 scaling solution for Solana.
• BTC Bull Token: Meme coin offering free BTC to token holders.
• MIND of Pepe: AI agent for identifying crypto market trends.