TLDR
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- Meme coins are experiencing a wide selloff with most down 10%+ in 24 hours
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- Dogecoin was down 11.47% to $0.349467
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- SHIB fell 10.38% to $0.00002167
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- PEPE fell 11.10% to $0.00001828
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- BONK fell 14.28% to $0.00002952
Meme cryptocurrencies faced significant price declines in the last 24 hourswith market leaders such as Dogecoin and Shiba Inu experiencing double-digit percentage drops. The decline comes as part of a broader correction in the cryptocurrency market that has affected both established and emerging digital assets.
Dogecointhe original meme cryptocurrency, saw a decline of 11.47%, bringing the price to $0.349467. As the largest meme coin by market capitalization, Dogecoin’s movement often serves as an indicator for the broader meme coin sector.
Shiba Inu (SHIB), the second largest meme token, saw its value decrease by 10.38%, to $0.00002167. The token, which gained popularity in 2021, continues to maintain its position as a leading meme cryptocurrency despite the recent price drop.
PEPE coina newer entrant in the meme coin space, experienced a decrease of 11.10% and the price fell to $0.00001828. Launched in 2023, the token has shown similar volatility patterns to its more established counterparts.
BONK, a Solana-based meme token, recorded one of the steepest declines among major meme coins, falling 14.28% to $0.00002952. This decline represents one of the largest percentage drops among the top meme cryptocurrencies during this period.
The price moves came against a backdrop of a broader market decline, with Bitcoin, the largest cryptocurrency by market capitalization, down 5.83% to $95,763.00. Ethereum, the second largest cryptocurrency, also fell 8.16% to $3,360.61.
Market-wide decline
Other major cryptocurrencies showed similar downward trends, with Cardano (ADA) losing 12.54% and Solana (SOL) down 8.50%. These moves indicate a market-wide correction rather than meme coin-specific issues.
Trading volumes for meme coins remained in line with recent averages, suggesting that the price drop was due to regular market activity rather than unusual selling pressure or specific negative events.
The current market conditions have affected both established and emerging meme tokens alike, with newer projects showing no particular immunity to the broader market trends.
Price data from multiple exchanges confirms the uniformity of these declines across trading platforms, suggesting a market-wide trend rather than exchange-specific anomalies.
The 24-hour trading intervals show that most meme coins tried to recover several prices during the period but failed to sustain higher levels.
Historical data indicates that meme coins often experience more volatile price movements compared to mainstream cryptocurrencies, both in the upward and downward directions.
Technical indicators suggest that current price levels are in line with recent support zones for many of these tokens, although past performance is no guarantee of future performance.
The market value of the entire meme coin sector has been adjusted accordingly, with the total value of all major meme tokens reduced proportionally to their price declines.
Recent market data shows that these price movements occur on normal trading volume, indicating regular market behavior rather than panic selling or unusual trading patterns.
