MEXCCrypto Prices Today: Mt. Gox Moves $1B BTC, PumpFun Drops 84%, Meme Coins Lose $59B, What’s Next?
Highlights
- Crypto prices are up today as Bitcoin, Ethereum, XRP and most altcoins register significant gains.
- Mt.Gox has transferred $1B Bitcoin, raising concerns about a looming selloff.
- Interest in meme coins has also faded after PumpFun transaction volumes fell 94% and the meme coin market cap dropped by over 50% year-to-date.
Crypto prices are surging today, March 6, 2025, with Bitcoin (BTC) hitting a three-day high of $92,000. Ethereum price has also gained by 4.6% to around $2,300. All the top-ten cryptos by market cap have also registered strong gains, with Dogecoin (DOGE) leading the pack with a staggering 10% rise.
Despite these market-wide gains, volatility risks remain. Mt. Gox has moved $1 billion in BTC, triggering concerns of a looming selloff. Retail traders also appear to be leaving the market amid declining volumes on PumpFun and a drastic drop in the meme coin market cap.
Crypto Prices Face Volatility Risks as Mt. Gox Moves $1B Bitcoin
Defunct cryptocurrency exchange Mt.Gox has moved 12,000 BTC valued at approximately $1.09 billion. According to Arkham, these coins were moved to a new wallet address, sparking speculation of upcoming creditor repayments.
The Mt.Gox Bitcoin repayments could increase volatility in the crypto market. The creditors that have waited for more than a decade may opt to sell once they receive BTC. This large sell-off could trigger a short-term drop in crypto prices. Moreover, if these coins end up in the market at a time when the demand is low, it could impact Bitcoin’s rally towards $100,000.
PumpFun Volumes Plunge 94% – Can Solana Price Sustain Gains?
Transaction volumes on the Solana meme coin launchpad PumpFun have declined by 94% as most crypto prices tumbled. These volumes are now at their lowest level in nearly a year, suggesting that interest in meme coins is dropping.
PumpFun volumes peaked in January after the release of Solana meme coins like TRUMP and MELANIA. However, interest has gradually faded as these meme coins lost nearly all of their gains barely one month after launching.
These declining volumes have sparked a bearish Solana price prediction after it dropped by 27% in one month. At press time, SOL trades at $149 after a 4.7% drop in 24 hours.
Meme Coin Market Cap Drops by $59B As Dogecoin Price Rebounds
The total meme coin market capitalization has dropped by $59 billion from its 2025 peak of $116 billion amid falling crypto prices. At press time, the total meme coin market cap stood at $57 billion after falling by more than 50% year-to-date.
This decline shows traders have become hesitant to buy meme coins. However, the declining interest is prevalent in newer meme coins, as the hype fades, interest has returned to older meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB).
At press time, Dogecoin price had posted a notable 10% gain to trade at $0.21, while Shiba Inu price had surged by 5%.
What’s Next for Crypto Prices
Crypto prices show signs of heightened volatility. The $1 billion BTC transfer by Mt.Gox could stir panic selling and cause Bitcoin to fall below the $90,00 psychological level again. Given that altcoins have been tracking Bitcoin price, signs of weakness could also plunge altcoin prices.
Meme coins are no longer draining liquidity from the broader market. Reduced interest in new meme coins has led to PumpFun transaction volumes falling by 94%. Older meme coins like Dogecoin and Shiba Inu have also seen renewed interest, which may bode well for price.
Frequently Asked Questions (FAQs)
1. Are crypto prices gaining today?
2. How will the $1B Bitcoin transfer by Mt.Gox impact the crypto market?
3. Why is the meme coin market cap dropping?
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