Top Memecoins Record Liquidations Following Wider Market Outflow
The crypto market has witnessed slight liquidations after posting slight gains on the back of the Federal Open Market Committee’s (FOMC) meeting. These liquidations were seen in Bitcoin (BTC), Ethereum (ETH) and memecoin has investor confidence weakened in the last 24 hours.
The memecoin market plunged 4% with a total capitalization of $53.4 billion and a trading volume of $8.3 billion although large gainers were recorded as users flocked around certain tokens.
Market leader by market cap Dogecoin (DOGE) slumped 0.5% with trading volumes of $3.1 billion. The asset showed slight momentum in the last two days but still trades at weekly losses of 9.2%.
Shiba Inu (SHIB) recorded larger outflows with 1.8% losses yesterday and 12.8% exits this week but ended the last 30 days on a good run with 182.5%. PEPE, Dogwifhat, and BONK were next on the losers’ table of top memecoins with 5.5%, 2.5%, and 1.8% outflows respectively. The three memecoins have a downward slope this week with losses of 20%, 26%, and 30% respectively.
On the leaderboard, Potato notched a 273% rise as BobaCat and Poncho had upticks of 130% and 66% respectively. Among top memecoins, FLOKI and BOOK of MEME remain in the green zone.
Wider Cryptocurrency Market Slump
Cryptocurrencies saw a slight sell-off following monetary factors and a general change in investor sentiments. A new report from JP Morgan shows that bull run expectations have tanked compared to levels at the start of the year. Although spot Bitcoin ETFs have been largely successful, macroeconomic factors seek to influence the prices of assets.
Furthermore, rate cuts announced might have tilted the flow toward the derivatives market leading to outflows. At press time, BTC and ETH both trade negatively by 2% while Solana and XRP saw losses of 3.6% and 4.7% in the past 24 hours.
Solana Memecoins Plunge
Solana memecoins also experienced their share of a plunging market with an 11% plunge and a $2 m.1 billion trading volume. BOME maintains its upward trend amid other memecoin falls as its community pushes for more highs.
Popular Solana memecoin Slerf posted a staggering 14% decline adding to the list of memecoin losers in the reported time frame.
Read Also: BOME Vs PEPE: Which Meme Coin Might Cross $1 in 2024
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