Markets
Major Meme Coins Crash as Crypto Markets Crash
The cryptocurrency market is experiencing another decline on Monday morning, with major coins seeing significant declines.
For example, ETH is trading below $3K again and is down 4% on the day. XRP is down 5% and now the bulls are struggling to defend the critical $0.4 level.
As seen in the heat map above, there are absolutely no exceptions for large-cap altcoins, all of which are trading well in the red. The decline in the last few hours has result in nearly $300 million of leveraged liquidated positions, most of which were long. Although $113 million were short positions, indicating the choppy price action.
One category that has seen a substantial impact, however, is meme coins. According to CoinGecko, the entire meme coin sector has dropped 10% in the last 24 hours alone.
That said, at the time of writing, major meme coins are literally plummeting.
- DOGE is down 6.4%
- SHIB is down 4.8%
- PEPPER dropped by 10%
- WIF fell 9.5%
- BONK fell 6%
- FLOKI fell 6%
According to the famous Crypto Fear and Greed Index, the current market sentiment is fear at 28 points. Just to make a comparison: it was 53 this time last week and 72 this time last month.
It appears the market remains cautious about the potential selling pressure that could be induced by creditors disposing of their recovered BTC and BCH from the Mt. Gox exchange. As CryptoPotato reported The defunct trading platform had previously started repaying its creditors after a saga that lasted about 10 years.