Top Meme Coins Crash as Crypto Markets Decline


The cryptocurrency market is going through another decline on Monday morning, with major coins charting notable decreases.

For example, ETH is once again trading below $3K and is down 4% on the day. XRP dropped by 5%, and now the bulls are fighting to defend the critical $0.4 level.

Screenshot 2024-07-08 at 8.21.36
Source: Quantify Crypto

As seen in the heatmap above, there are absolutely no exceptions from the large-cap altcoins, all of which are trading well in the red. The downturn in the past hours has resulted in almost $300 million worth of liquidated leveraged positions, the majority of which were long. Although $113M were short positions, indicating the choppy price action.

One category that hit substantially, however, is that of meme coins. According to CoinGecko, the entire meme coin sector is down 10% in the past 24 hours alone.

That said, the major meme coins are downright plummeting at the time of this writing.

  • DOGE is down 6.4%
  • SHIB is down 4.8%
  • PEPE declined by 10%
  • WIF dropped by 9.5%
  • BONK is down 6%
  • FLOKI is down 6%

According to the popular Crypto Fear and Greed Index, the current market sentiment is fearful at 28 points. Just for comparison – it was 53 this time last week and 72 this time last month.

It appears that the market remains cautious of the potential selling pressure that might be induced by creditors disposing of their recovered BTC and BCH from the Mt. Gox exchange. As CryptoPotato reported earlier, the defunct trading platform has started repaying its creditors after a saga that lasted around 10 years.

 



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