Some major meme coins have reduced their gains and are struggling to maintain their momentum, according to CoinGecko. data.
Some major meme coins have reduced their gains and are struggling to maintain their momentum, according to CoinGecko. data.
At the time of this publication, Dogecoin (DOGE) is the only major cryptocurrency in the red, up more than 1.5% in the last 24 hours.
Shiba Inu (SHIB) is also in the red, losing 3% in the last 24 hours.
Dogwifhat, a Solana-based startup, has lost more than 3% despite previously posting a double-digit gain.
Bonk, another Solana-based cryptocurrency, is performing the worst among the major altcoins, losing more than 8%.
Greed returns to the market
According to the “Fear and Greed” index, the market is once again dominated by greed.
However, this enthusiasm could be premature given that Bitcoin is still struggling to break above the $64,000 level.
The major shift in sentiment comes after the leading cryptocurrency succumbed to “fear” following a massive drop to the $56,000 level last week.
Bitcoin saw a substantial drop last week due to growing concerns about stagflation and shockingly high outflows from Bitcoin ETFs.
However, concerns about stagnation appear to have been alleviated by recent economic data. The US Federal Reserve appears likely to begin cutting interest rates in September following a recent jobs report. Additionally, Grayscale’s GBTC recently recorded its first entries since its launch.
Better performance
With Bitcoin in consolidation mode, other major cryptocurrencies are also struggling to post significant gains.
However, there are still some outliers. Monero (XM) and Avalanche (AVAX) are up almost 3%.
Algorand (ALDO) and NEAR Protocol (NEAR) are also in the green despite being named unregistered securities in the recent Coinbase class action lawsuit.
