Top meme coin crashes as crypto market drops

The cryptocurrency market fell again on Monday morning, with major coins posting steep losses.

For example, ETH is once again trading below $3,000, down 4% in a day, while XRP is down 5% with bulls currently fighting to defend the crucial $0.4 level.

As you can see from the heatmap above, all of the large altcoins are no exception and are trading in the red. The drop in the past few hours has seen roughly $300 million worth of leveraged positions liquidated, the majority of which were long. $113 million was short, indicating volatile price movements.

However, one category that has been hit hard is meme coins: according to CoinGecko, the entire meme coin sector has fallen 10% in the past 24 hours alone.

That being said, at the time of writing, the leading meme coin is truly plummeting.

• DOGE falls 6.4%
• SHIB falls 4.8%
• PEPE is down 10%
• WIF down 9.5%
• BONK fell 6%
• FLOKI down 6%

According to the popular Crypto Fear and Greed Index, market sentiment is currently at 28 points indicating fear, compared to 53 points at the same time last week and 72 points at the same time last month.

The market appears to remain wary of potential selling pressure caused by creditors liquidating BTC and BCH recovered from the Mt. Gox exchange. CryptoPotato As previously reported, the defunct trading platform has begun paying back creditors after a tumultuous period that lasted nearly a decade.