On Friday night, there was a significant reversal in the cryptocurrency market as over $200 billion worth of value was withdrawn in just a few hours.
Daily liquidations have reached almost $1 billion, with several significant losses reported among the unpredictable meme coin sector.
Previously reported by CryptoPotato: Bitcoin experienced a significant drop in value, causing it to plunge from approximately $71,000 early in the day down to a weekly minimum of $65,000 within just a few minutes.
Yet, this is only half the tale, as altcoins and meme coins have suffered significantly greater losses over the last 24 hours.
The token BONK is spearheading a negative development, experiencing a significant decline of 25%. This drop has caused the Solana-based token’s value to dip below $0.000017.
WIF experiences a comparable decrease, causing Dogecoin to drop significantly below the $3 mark. It’s important to mention that Dogecoin reached a new record high of nearly $5 on its chart not long ago.
PEPE experiences a decline of 21% each day, making it the next coin to face setbacks. Following closely are FLOKI with a daily loss of 20%, Shiba Inu at 13%, and Dogecoin with a decrease of 12%.
According to data from CoinGecko, the meme coin sector has experienced a significant loss, with approximately 20% of its total market value disappearing in just one day. This equates to a current market capitalization of around $54 billion. Simultaneously, the overall crypto market capitalization has decreased by 6.5%.
Approximately $900 million worth of liquidated positions were reported over the past 24 hours, as per CoinGlass’ data. The recent downturn in meme coins serves as a stark reminder of their inherent volatility. Investors need to exercise caution, particularly when employing leverage, given this heightened instability.
Read More
- Uncovering the Mystery of Red King Players in Clash Royale – What Reddit Users Have to Say
- Finding Resources in Palworld: Tips from the Community
- AAVE PREDICTION. AAVE cryptocurrency
- The Last Epoch Dilemma: Confronting the Gold Dupe Crisis
- UFO PREDICTION. UFO cryptocurrency
- BONE PREDICTION. BONE cryptocurrency
- Discovering the Infinite Power: The Abiotic Factor that Could Change Everything
- Skull and Bones: Navigating the Quest for Extra Teeth in the Game
- The 10 Best Movies of 2024 (So Far)
- Gaming News: Like a Dragon: Infinite Wealth’s Dondoko Island Takes Expansion to New Heights
2024-04-12 23:10