As a seasoned crypto investor with battle scars from the 2017 bull run and the subsequent bear market, I must admit that the recent rollercoaster ride in the meme coin niche has left me with a mix of emotions – awe, fear, and a touch of amusement. Bitcoin reaching a new peak only to be swiftly rejected is a stark reminder of the volatile nature of this market. However, the plunge in meme coins, particularly POPCAT and PNUT, has left over $400 million in liquidations in its wake, a sight that’s becoming all too familiar.
In the last few hours, Bitcoin hit an all-time high of $95,000, only to be swiftly declined by more than a thousand dollars in just minutes following this peak.
Despite some regained progress, numerous altcoins, particularly those categorized as meme coins, have experienced steep declines, resulting in more than $400 million worth of liquidations each day.
It is clear that the value of the particular meme coin has plummeted, as indicated by the decrease in its market capitalization. Meanwhile, the overall crypto market has decreased by 2.3% over the last 24 hours, dropping to $3.2 trillion on CoinMarketCap. However, meme coins have suffered a loss greater than 10%, causing their collective market cap to shrink from over $130 billion to $115 billion, according to CoinGecko.
Among the largest declines from yesterday are POPCAT, dropping almost 20%, and PNUT, falling by approximately 17%.
Among the top 100 meme token alternatives, notable double-digit declines are seen in BONK (-12%), WIF (-11.3%), and PEPE (-10.5%).
Keep in mind that several of these assets have seen significant growth over the past couple of weeks. PEPE recently hit a record peak following some engagements with well-known platforms such as Coinbase and Robinhood. Similarly, BONK reached an all-time high earlier today, but has since dropped by over 16%.
Despite significant drops, the leading players in their respective niches have managed to regain most of their losses. Yesterday, DOGE was worth $0.4, but it dropped to $0.364. As of now, it’s back up to $0.375. SHIB has followed a similar pattern on a daily basis and has decreased by 6.5% since yesterday.
Data from CoinGlass indicates that a combined value of $415 million worth of positions were liquidated over the last 24 hours, with longs accounting for approximately $311 million. While Bitcoin isn’t at the top, it seems that lower-cap meme coins have surged ahead. Approximately 160,000 traders found themselves in this situation within this timeframe.
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2024-11-20 23:34