Memecoins Plunge 18% Following Massive Crypto Liquidations
The memecoin market plummeted 18% in the last 24 hours following liquidations from wider crypto assets. The volatility in digital assets continues to cause sell-offs as macroeconomic factors make investors cautious of market trends.
Memecoins posted sharp outflows of top assets shedding up to 17% leading to losses in the market. While losses have wiped out monthly gains significantly, some users see light at the end of the tunnel with the upcoming Bitcoin halving.
Memecoins Lows Overshadow Past Gains
Market leader Dogecoin (DOGE) is down 14.5% in the last 24 hours pushing weekly outflows to 11.2%. Daily corrections place the asset’s monthly movements in the red zone wiping off previous gains. Shiba Inu (SHIB) is down 3.1% today 14.9%, extending weekly losses to over 15% with a daily volume of $1.2 billion.
PEPE and dogwifhat have recorded 23% losses in the same time frame with PEPE’s monthly liquidations at a whopping 46.1%. This spells a bearish trend in the market in contrast to the memecoin seen in Q1 2024.
Poor performance by memecoin has plunged its daily trading volumes as the market capitalization stands at $51.8 billion. Despite these losses, some assets have gained over 50% today signaling a new flow of funds.
Macroeconomic Factors Tanks Market
Catino topped gainers with a 116% surge while FLIES and Lets Go Brandon notched 61% and 48% respectively. The wider market saw outflows of 8.5% as Bitcoin plummeted to $62,000 following reports on an imminent Iran attack on Israel.
The geopolitical tensions have led to investors taking off funds from risky assets. Another major factor leading to the downtrend is the United States tax deadline. According to market commentators, weeks before the tax deadline is usually bearish when assets recorded huge inflows the previous year.
The reason for this trend is due to investors paying for capital gains recorded in the bull market. Last year, both stocks and cryptocurrencies saw inflows taking assets to highs not recorded in months.
Also Read: What’s Happening With Litecoin Price
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