The cryptocurrency market has declined, major meme coins have experienced double-digit losses🔥🔥🔥
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Meme coins face sell-off
In the past 24 hours, meme cryptocurrencies have experienced significant declines, with most dropping over 10%. Dogecoin led the decline, down 11.47% to $0.349467; Shiba Inu (SHIB) fell 10.38% to $0.00002167; PEPE coin dropped 11.10% to $0.00001828; BONK coin saw the largest drop at 14.28%, to $0.00002952.
Market leader performance
As the largest meme coin by market cap, Dogecoin's movement leads the entire meme coin sector. Despite a recent price drop, SHIB still maintains its leading position among meme cryptocurrencies. PEPE, as a newcomer, shows a volatility pattern similar to that of mature tokens. BONK, based on Solana, is one of the meme tokens with the largest decline.
Market background
This drop is set against a backdrop of a broader market decline, with Bitcoin down 5.83% to $95,763.00 and Ethereum down 8.16% to $3,360.61. Cardano (ADA) fell 12.54%, and Solana (SOL) dropped 8.50%, indicating a market-wide adjustment.
Volume analysis
The trading volume of meme coins remains stable, indicating that price declines are caused by normal market activity. Newer projects have not shown immunity to broader market trends. Price data across multiple exchanges is consistent, indicating a market trend rather than anomalies specific to certain exchanges.
Price recovery attempts
Within 24 hours, meme coins attempted to recover in price but were unsuccessful. Historical data shows that meme coin prices can be highly volatile. Technical indicators show that the current price aligns with recent support areas, but past performance does not guarantee future results.
Market cap adjustment
The market cap of the meme coin sector adjusts with price declines, with the total value of major meme tokens decreasing. Price changes are occurring within normal trading volumes, indicating typical market behavior.
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