Top memecoins is crashing
The crypto market is witnessing another downturn on this Monday morning, as key cryptocurrencies experience significant declines.
Take Ethereum (ETH), for example, which has dipped below the $3K mark, shedding 4% over the last 24 hours. Meanwhile, Ripple (XRP) has fallen by 5%, with supporters striving to maintain the crucial $0.4 threshold.
The slump is widespread across major altcoins, all of which are currently bathed in red. This recent downfall has led to nearly $300 million in liquidated leverage positions, predominantly long ones. Despite this, $113 million were from short positions, reflecting the volatile nature of current price movements.
Notably hit are memecoins, which have seen a 10% decline over the last day, according to CoinGecko's tracking.
At the moment, major meme cryptocurrencies are experiencing sharp declines:
- DOGE has decreased by 4.91%
- SHIB has reduced by 2.70%
- PEPE has fallen by 8.40%
- WIF has plummeted by 9.24%
- BONK has decreased by 1.70%
- FLOKI has dropped by 4.75%
The widely referenced Crypto Fear and Greed Index now points to a fearful market sentiment, standing at 36 points. To put this in context, this index was at 53 just a week ago and 72 a month prior.
The market continues to tread cautiously amid concerns over possible selling pressures that could arise from creditors liquidating their recently reclaimed BTC and BCH from the Mt. Gox settlement. The infamous exchange has commenced its long-awaited creditor repayment process, closing a chapter that stretched nearly a decade.
