The cryptocurrency market has seen a significant downturn in the past 24 hours, with meme coins taking a hard hit. Meme coins, known for their volatile nature, have collectively dropped by about 7%. While some meme coins experienced larger losses than others, the overall trend is a decline in the meme coin category.
Popular meme coins such as DOGE, SHIB, and PEPE have seen decreases of 4.7%, 6.4%, and 5.8% respectively. Other meme coins like FLOKI, BRETT, BONK, and BOME have also experienced losses ranging from 2.8% to 9.1%. Additionally, small-cap meme coins like RYU, MUMU, and ANDY have suffered even greater losses, with decreases of up to 79% in the past 24 hours.
Amidst the market downturn, there have been some outliers like the meme coin BODEN, which managed to increase by 10.6% compared to its price 24 hours ago. This demonstrates the unpredictable nature of meme coins and the cryptocurrency market as a whole.
The broader market decline can be seen in the price of Bitcoin, which is currently trading below $61K for the first time since May 13th. This decline is attributed to the announcement by the Mt. Gox exchange trustee regarding the payment of creditors as per the rehabilitation plan starting in July. As a result, the entire market has experienced a sell-off, with red dominating the heatmaps.
The downturn has led to $315 million worth of leveraged positions being liquidated in the past 24 hours, with Bitcoin accounting for $130 million of that total. Ethereum follows closely behind with $72 million liquidated. Currently, ETH is trading below $3.3K, with potential support at $3K. Bitcoin faces a critical support level at $60K, and if broken, the next level to watch is around $58K.
In conclusion, the cryptocurrency market, including meme coins, has experienced a significant downturn in the past 24 hours. Investors should exercise caution and closely monitor the market for potential buying opportunities amidst the volatility.
