Potential Continued Downtrend in These 5 Altcoins: Market Pulse Check

  • Bitcoin’s recent plunge following the crash of the Coinbase site has significantly affected several altcoins.
  • Popular altcoins such as dogwifhat (WIF), Helium (HNT), Injective (INJ), Jupiter (JUP), and Akash Network (AKT) have all experienced significant losses in the last 24 hours.
  • The downward trend has sparked concern among investors, particularly those invested in the affected altcoins.

Bitcoin’s recent plunge has sent shockwaves through the crypto industry, significantly affecting several altcoins. This article delves into the impact on popular altcoins and the resulting investor sentiment.

1- dogwifhat (WIF)

WIF, a popular memecoin in the Solana ecosystem, has experienced a 12% loss in value in the last 24 hours. This downturn has caused panic among investors and could potentially decrease interest in memecoins within the Solana ecosystem if the downward trend continues.

2- Helium (HNT)

Helium (HNT), a popular choice among miners, has seen a 9.6% decrease in value in the last 24 hours. Unable to withstand Bitcoin’s pullback, HNT has entered the list in second place, causing a tense wait among its investors.

3- Injective (INJ)

Injective (INJ), which made a significant impact in the sector with its strong performance in early 2024, is currently grappling with selling pressure. It has recorded an 8.5% loss in the last 24 hours. The shift of crypto investors towards new trends and projects has pushed INJ into the background. Unless positive news emerges from the ecosystem, the downward trend in INJ may continue.

4- Jupiter (JUP)

Jupiter (JUP), the largest DEX in the Solana ecosystem, has lost 8.2% of its value in the last 24 hours. Despite Solana’s relatively stable stance, JUP’s significant drop has raised questions.

5- Akash Network (AKT)

Akash Network (AKT), a popular altcoin in the cloud service provider space, has seen a 7.8% decrease in value in the last 24 hours. Despite gaining upward momentum in recent days, this drop suggests that AKT has lost its momentum. The $4.50 band appears to be a determinant for AKT in the short to medium term.

Conclusion

The recent plunge in Bitcoin has significantly affected several altcoins, causing concern among investors. It is crucial for investors to conduct their own research before making any investment decisions, as all investment and trading moves involve risks.

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Jocelyn Blake
Jocelyn Blakehttps://en.coinotag.com/
Jocelyn Blake is a 29-year-old writer with a particular interest in NFTs (Non-Fungible Tokens). With a love for exploring the latest trends in the cryptocurrency space, Jocelyn provides valuable insights on the world of NFTs.
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