In a surprising turn of events, the crypto market is experiencing a significant downturn, resulting in a staggering $120 billion drop in market capitalization. This decline was primarily fueled by sharp losses in popular memecoins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), which have all taken a considerable hit over the past 24 hours.
As of this morning, the total market cap dipped from a high of $3.92 trillion to approximately $3.80 trillion, showcasing the fragility of current market momentum. While there was a slight recovery around the $3.85 trillion mark, trading volume reached $316.96 billion—a mere 0.58% increase—suggesting that traders are more reactive than proactive as they navigate this tumultuous period.
Meme tokens have been particularly vulnerable, with:
- Dogecoin plummeting by 7.99%
- Shiba Inu down 6.30%
- Pepe sliding 9.06%
Other lower-cap coins, such as Bonk (BONK) and Floki (FLOKI), also recorded losses exceeding 9%, while Fartcoin hemorrhaged 17.52%. Even assets around meme narratives and notable figures, such as Official Trump and SPX6900, faced declines. These losses highlight the volatile nature of the crypto space, especially among the more speculative tokens.
In contrast, Bitcoin (BTC) has displayed remarkable stability, hovering around $119,000. With a relative strength index (RSI) of 60.9, Bitcoin’s momentum remains neutral, and its On-Balance Volume (OBV) has not shown significant changes, indicating a steady consolidation period. This resilience suggests that Bitcoin is not at the forefront of the current market volatility, as traders are opting to distance themselves from riskier assets.
The overall drop in the crypto market appears to be influenced by an array of factors, including ongoing regulatory challenges in the U.S. and growing uncertainties surrounding India’s cryptocurrency exchanges. As investors continue to assess the landscape, the attention turns towards potential corrective movements within the market.
With major coins like Bitcoin maintaining their positions amid a sea of red, crypto enthusiasts are left wondering if the market will stabilize or if further turbulence lies ahead.
