As the cryptocurrency market downturn deepened, most of the leading memecoins, such as Shiba Inucoin (SHIB), Dogecoin (DOGE), and PEPE, collapsed.
Meme coins fell along with the rest of the market. However, some of them bucked the trend and rose.
The entire cryptocurrency market has had a rough 24 hours, and memecoins are no exception. The highly polarized category is down about 7% in total as the entire cryptocurrency market appears to continue to fall.
Memecoin Massacre
The entire meme coin category is down about 7% over the past day. Of course, some coins have fallen more than others.
The performance of altcoins with larger market capitalization is as follows:
DOGE -4.7％
Per capita national income -6.4%
Price-to-earnings ratio -5.8%
Floki - 4.2%
Brett -9.1%
Bunker -2.8%
Place of birth -6.1%
Smaller meme coins have seen even bigger drops. For example, RYU has dropped 79% in the past 24 hours, while MUMU and ANDY have dropped around 25%.
On the other hand, the popular meme coin BODEN has increased by about 10.6% compared to its price 24 hours ago, which is somewhat unusual in the current market.
The market fell
Bitcoin is currently trading below $61,000 — the first time it has done so since May 13.
The decline was likely caused by the release of a note by the Mt. Gox exchange that said the trustee was prepared to begin paying creditors under its restructuring plan as early as July.
The entire market plummeted as a result, and only red was left on the heat map today.
The drop resulted in $315 million worth of leveraged positions being liquidated in the past 24 hours, of which BTC accounted for about $130 million. Ethereum ranked second with $72 million.
ETH is currently trading below $33,000 and it appears that the bears are now targeting $3,000 as the first upcoming support level.
On the other hand, Bitcoin faces support at $60,000, which is also a very important psychological level. However, if the bears can break the downside resistance, the next level to watch will be around $58,000.
