- The cryptocurrency market is showing signs of greed returning, with Bitcoin struggling to surpass the $64,000 level.
- Major meme coins such as Dogecoin and Shiba Inu have seen a decrease in their gains, while Solana-based cryptocurrencies Dogwifhat and AIBonk have also recorded losses.
- Despite the overall market sentiment, some cryptocurrencies like Monero and Avalanche have managed to post significant gains.
As the crypto market sees a return of greed, major meme coins struggle to maintain momentum. Despite the overall market sentiment, some cryptocurrencies manage to post gains.
Greed Returns to the Crypto Market
According to the “Fear and Greed” index, the cryptocurrency market is once again dominated by greed. However, this excitement might be premature as Bitcoin, the leading cryptocurrency, is still struggling to surpass the $64,000 level. This significant sentiment shift comes after a massive drop to the $56,000 level last week due to growing concerns about stagflation and high Bitcoin ETF outflows. However, recent economic data seems to have alleviated the stagnation concerns, suggesting that the US Federal Reserve might start cutting interest rates in September following a recent jobs report. Moreover, Grayscale’s GBTC recently recorded its first inflows since its launch.
Major Meme Coins Struggle to Maintain Momentum
Some of the major meme coins have pared their gains, struggling to maintain their momentum. At press time, Dogecoin is the only major cryptocurrency in the red, adding more than 1.5% over the past 24 hours. Shiba Inu is also in the red, losing 3% over the past 24 hours. Solana-based cryptocurrencies Dogwifhat and AIBonk have also recorded losses, with Dogwifhat down more than 3% despite previously recording a double-digit gain and AIBonk losing more than 8%.
Some Cryptocurrencies Post Gains Despite Market Sentiment
With Bitcoin in consolidation mode, other major cryptocurrencies are also struggling to post significant gains. However, there are still some outliers. Monero and Avalanche are both up by almost 3%. Algorand and NEAR Protocol are also in the green despite being named as unregistered securities in the recent class action lawsuit against Coinbase.
Conclusion
The return of greed to the crypto market has seen major meme coins struggle to maintain momentum, while some cryptocurrencies have managed to post gains. As the market continues to fluctuate, investors will be closely watching these developments and the impact they have on their investments.
