Meme coins tend to soar when: Bitcoin And the broader crypto market is in the green, crashing harder than average when in the red. And on Tuesday, a number of notoriously volatile crypto tokens posted huge losses after massive declines. bitcoin flash crash That caused pain throughout the market.
Something like a meme coin with a high cap dogecoin (DOGE) And Ethereum-Base of Shiba Inu (SHIB)'s performance isn't too bad. DOGE was down about 6% and SHIB was down only 2% from the previous day.
Bitcoin itself has fallen sharply, plummeting from more than $68,000 late Monday to nearly $62,000 by Tuesday morning. This followed a “flash crash” on the cryptocurrency exchange BitMEX that dropped below $9,000, which may have spooked the entire market.But Bitcoin is now already regaining ground. Price is approximately $65,200 At the time of writing this article. The stock fell 2% on the day.
Although the performance of leading meme coins is not too bad, recently issued coins are mainly SolanaTuesday marked the steepest drop ever.
dogwifat For example, (WIF) plummeted from a price of $2.77 on Monday afternoon to a low of $2.15, but has recovered considerable ground and is now up to $2.65. This is a 7% drop per day. However, the meme coin is still up 30% in the past seven days after a significant rally from last week to the weekend.
Bonk, the Solana meme coin, which until recently was the top by market capitalization, hasn't been so lucky lately. The stock fell 23% last week, but has rebounded considerably in the past few hours and is down about 6% on the day. Still, the current price is $0.00002257, down 50% from the all-time high it set just two weeks ago.
The most recent and prominent Solana memecoin, minted in the last week alone, has similarly fallen sharply as fickle investors fearing a catastrophic drop may move to other coins.
For example, Book of Memes (BOME), which helped kick-start the new “presale meta” sweeping cryptocurrency Twitter last week, has seen wild swings this day. Since then, the price has almost leveled out at $0.01166, down nearly 4% on the day. It fell to nearly $0.009 early Tuesday.
However, at current prices, BOME has fallen 57% since surging to all-time highs over the weekend. BOME crash may be partially accelerated by investigation Binance announced on MondayThis is because a major cryptocurrency exchange has acknowledged the possibility of insider trading related to the earlier-than-expected token listing.
“Pre-sale meta” refers to a recent trend, primarily propagated by anonymous developers, in which traders post Solana addresses to which they send SOLs and send back batches of generated meme tokens. While this made his early BOME traders significantly richer, some of his subsequent projects were plagued by controversy.
One such coin, SLERF, rose dramatically on the day, but has already lost much of its peak gains. SLERF has plummeted 25% since hitting a new all-time high overnight, but thanks to the huge gains it has accumulated, the price continues to rise 100% on the day to $1.02.
Early Monday morning, an anonymous Slerf developer announced that he had accidentally burned a file. Entire $10 million presale airdrop allocation of tokens.
“Guys, I messed up,” they wrote. “There's nothing I can do to fix this.”
Still, the allocation of liquidity pools and the burning of airdrop tokens fueled momentum for the latest meme sensation on Monday, amassing more than $2 billion in trading volume. Late Monday, Solana decentralized exchange (DEX) aggregator Jupiter Donate SLERF transaction fees For virtual currency users affected by the presale turmoil.
Interestingly, Jupiter's own JUP token was the biggest loser today among the top 100 cryptocurrencies by market capitalization, dropping 14% in the past 24 hours. However, it has been solid this week and is still up 29% over the past seven days. Solana (SOL) fell more than any top 10 coin today, losing his 8% of its value.
Disclaimer
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
Edited by Ryan Ozawa.
