Memecoin Update
NEW DELHI (CoinChapter.com) – Today, the cryptocurrency market is experiencing a minor decline, with the global market cap standing at $2.11 trillion, a 0.60% decrease over the past day. The 24-hour trading volume has seen a significant surge, indicating high trading activity. Major cryptocurrencies like Bitcoin and Ethereum have shown slight gains, while others such as Solana and Dogecoin have experienced notable increases over the past week. However, memecoins have shown mixed performance, with some experiencing significant drops. Let’s dive into today’s five worst-performing memecoins below.
Memecoin Update:
Shiba Inu (SHIB)
Shiba Inu, the dog-themed memecoin, has faced a slight decline of 0.12%, bringing its market cap down to $8.25 billion.
SHIB trading 0.4% down from a day ago. Source: CoinMarketCap
This decline is largely attributed to a broader market sell-off and significant whale activity, leading to a decrease in large transactions. The overall market correction, where major cryptocurrencies also experienced drops, has further influenced SHIB’s price movement. Additionally, speculative trading has played a role, with investors focusing on short-term gains rather than the coin’s long-term potential.
The 24-hour trading volume is relatively high at $229.06 million, suggesting active trading but also potential profit-taking by investors. Despite its massive circulating supply of over 589 trillion SHIB tokens, the slight dip indicates that the market sentiment might be shifting or consolidating after recent gains.
Bonk (BONK)
Meme token Bonk has experienced a sharp decline of 1.08%, with its market cap now at $1.38 billion.
BONK is down 1.3% from a day ago. Source: CoinMarketCap
The significant supply of Bonk tokens and its reliance on community engagement make it particularly susceptible to market fluctuations. The circulating supply stands at a staggering 69 quadrillion BONK tokens. The price has fallen to $0.000002003, marking a 1.30% decrease in just one day.
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Floki (FLOKI)
Floki’s market cap has decreased by 0.56%, with a price drop of 0.55%. This decline is part of a broader trend seen across various memecoins, influenced by high trading volumes and speculative trading behaviors.
FLOKI went down by 0.55%. Source: CoinMarketCap
The 24-hour trading volume is $165.21 million, reflecting a 25.09% increase in trading activity. Despite the high trading volume, the price fell by 0.55% to $0.0001239. This fluctuation could indicate speculative trading or a lack of sustained interest in Floki’s long-term potential.
Book of Meme (BOME)
Book of Meme has shown a minor decrease of 0.15% in its price, bringing it to $0.007109. The market cap stands at $490.24 million.
BOME fell within last 24-hours. Source: CoinMarketCap
The trading volume over the past 24 hours is $139.55 million, a significant 33.94% increase. Despite the active trading, the slight decline suggests that BOME may be experiencing profit-taking or reduced buying interest. The high circulating supply of nearly 69 billion BOME tokens could also be a factor in its price stability issues.
Memecoin (MEME)
Memecoin has also faced a minor setback, with its price dropping by 0.07% to $0.01103. Now, the market cap stands at $263.80 million.
FLOKI declined slightly today. Source: CoinMarketCap
The 24-hour trading volume is $28.28 million, showing a 17.66% increase. The circulating supply is 23.96 billion MEME tokens. Despite the active trading, the small decline indicates that Memecoin might be struggling to maintain its momentum amidst broader market fluctuations and competition from other memecoins.
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