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After a strong run in latest weeks, the crypto markets are bleeding crimson as we speak. However Bitcoin is not the one coin suffering: among the greatest 24-hour losers now are meme coins and tokens after rallying massive time final week.
Over the previous day, Solana-based Bonk has shed over 12% of its worth, and is now priced at $0.00002306, CoinGecko reveals.
The token ignited to recent peaks late final yr and once more in early March, rocketing off of the again of broader Solana hype. Regardless of the correction as we speak, it is nonetheless up greater than 3,400% over the previous yr.
One other battered meme coin is Pepe, which has dropped by over 12%. Even so, the Ethereum-based token remains to be reveling in latest positive factors, up 40% over the previous 30 days.
Throughout the prime 20 cash and tokens, the 2 greatest meme cash have fallen more durable than Bitcoin. Dogecoin, the ninth-biggest digital asset, is down considerably after popping to its highest worth since 2021 final week. It is now priced at $0.18 after dropping by 7% within the final day. Its rival, Shiba Inu, can be hurting, and has misplaced near 7% over the previous day.
Nonetheless, Dogwifhat—simply final week the largest gainer of all cryptocurrencies—has managed to keep away from a lot of the ache over the previous day: It is down, however solely by about 1%.
Meme cash and tokens are a subgroup of digital belongings based mostly on web memes, popular culture occasions, and public figures. They recognized for his or her volatility: such cryptocurrencies are recognized to rocket up in worth however can simply as shortly plunge—or disappear fully.
The asset class has ridden on the again of Bitcoin’s surge this yr, with sizable meme coin buying and selling taking root on Solana in latest months, driving the chain to a record month for decentralized trade (DEX) buying and selling quantity in March. Ethereum scaling community Base can be seeing a meme coin surge, pushing activity to new heights over the weekend.
Bitcoin is down about 4% over the previous day, as of this writing, to a worth just under $66,000—although it fell more durable earlier Tuesday, dipping under the $65,000 mark earlier than shortly rebounding. Even so, the main coin has shed 11% of its worth since hitting a brand new all-time excessive worth of $73,737 on March 14.
Edited by Andrew Hayward
The views and opinions expressed by the writer are for informational functions solely and don’t represent monetary, funding, or different recommendation.
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