Why Are Meme Coins Falling?

The meme coin crashed as leading digital assets Bitcoin and Ether fell significantly, while altcoins also fell. Plus, a whopping $681.11 million in long positions were liquidated in the last 24 hours, far outpacing the $121 million in short positions, according to Coinglass data.

The crash also follows recent comments from US Federal Reserve Chairman Jerome Powell, who has spoken out against the creation of a national Bitcoin reserve. Additionally, the agency plans to implement significantly fewer rate cuts in 2025 than expected, which has also led to bearish sentiment in the crypto market.$DOGE $WIF $BONK #2024withBinance