Meme Coins Plunge 7% as Broader Crypto Market Faces Turmoil

• The cryptocurrency market has experienced significant volatility in the last 24 hours.
• Meme coins have been heavily impacted, showing notable declines across the board.
• According to recent data, significant fluctuations were observed among leading and smaller meme coins.

A tumultuous day in the crypto market brings substantial drops across meme coins, showcasing the genre’s extreme volatility.

Meme Coins Experience Major Declines

In the past 24 hours, meme coins have collectively decreased by approximately 7%. Within this downturn, some coins have suffered more than others.

The performance of some of the larger meme coins is as follows:

• DOGE -4.7%
• SHIB -6.4%
• PEPE -5.8%
• FLOKI -4.2%
• BRETT -9.1%
• BONK -2.8%
• BOME -6.1%

Smaller-cap meme coins have been hit even harder. For instance, RYU is down 79% in just one day, while MUMU and ANDY have dropped around 25% each.

In contrast, the meme coin BODEN has bucked the trend, appreciating by about 10.6% in the last 24 hours, making it an outlier in a predominantly red market.

Wider Market Downturn

Bitcoin has fallen below $61,000 for the first time since May 13. This decline can be traced back to an announcement from Mt. Gox indicating that the trustee is preparing to start paying creditors as early as July, following the rehabilitation plan.

In response, the broader crypto market has also seen significant declines, with most assets displaying a sea of red. According to Quantify Crypto, the market’s downturn has led to the liquidation of $315 million in leveraged positions within the last 24 hours. Bitcoin alone accounts for approximately $130 million of these liquidations, while Ethereum accounts for $72 million.

Presently, ETH is trading under $3,300, with $3,000 being the imminent support level targeted by the bears. Bitcoin, on the other hand, is showing support around the $60,000 mark. If this critical psychological level is breached, the next support level to monitor would be around $58,000.

Conclusion

Summarizing the day’s events, the cryptocurrency market has seen significant price declines, particularly within the meme coin sector. Despite the overall downturn, a few coins have managed to resist the trend, providing a brief respite amidst the turmoil. Investors should closely watch key support levels and remain cautious during this volatile period.