The meme coin sector is getting absolutely hammered with double-digit losses, according to data provided by CoinGecko.
The meme coin sector is getting absolutely hammered with double-digit losses, according to data provided by CoinGecko.
Shiba Inu (SHIB), the second largest meme coin by market capitalization, is down approximately 11% in the last 24 hours.
Bonk (BONK), FLOKI (FLOKI), and dogwifhat (WIF) also suffered massive losses. The WIF is down up to 14% in the last 24 hours.
Tomiwabold OlajideMeme coins, which are perceived as high-risk speculative assets, are reacting to Bitcoin’s weakness. The largest cryptocurrency has fallen back below the $66,000 level after failing to balance above the $67,000 level and dragging the entire cryptocurrency market down.
Every meme coin with a market cap of over $200 million is in the red. In particular, the cat world in the dog world (MEW) is the only exception after adding 2.4%.
As of now, XRP remains the only top 100 cryptocurrency in the green after unexpectedly decoupling from Bitcoin on Monday.
Don’t expect another altcoin season
Financial analyst Murad Mahmudov recently opined that another altcoin season was unlikely to occur due to the fact that US households’ excess savings have been depleted after peaking in 2021. Coincidentally, many altcoins are still far from their 2021 peaks despite that Bitcoin hit a new all-time high earlier. this year. Dogecoin and Shiba Inu, the largest meme coins, are down 83.3% and 79%, respectively.
Yuri MolchanThe analyst has also noted that altcoins are suffering from “a supply gut” due to how easy it will be to generate new cryptocurrencies in 2024.
Celebrity Meme Coins Made It revive last month’s speculative frenzy, but it appears that its success was short-lived.
