In the past day, the value of memecoins dropped by 18% due to liquidations in other cryptocurrencies. The unpredictability of digital currencies has resulted in additional sell-offs as investors grow wary of broader economic conditions affecting market behavior.
Some memecoins experienced significant withdrawals of top assets, resulting in a loss of up to 17%, causing substantial market damage. Although this setback erased most of the monthly profits, there’s hope among some users that the upcoming Bitcoin halving event might bring positive changes.
Memecoins Lows Overshadow Past Gains
The number one cryptocurrency, Dogecoin (DOGE), has dropped by 14.5% within the last 24 hours, leading to an outflow of 11.2% in the past week. Consequently, the asset’s monthly performance is now showing a loss, erasing earlier gains. Shiba Inu (SHIB) has decreased by 3.1% today, amounting to a weekly loss of more than 15%, and recording a daily trading volume of $1.2 billion.
In simpler terms, PEPE and dogwifhat experienced losses of 23% each during the same time period. However, PEPE saw significantly larger monthly setbacks with a total of 46.1% in liquidations. This downturn goes against the positive trend observed for memcoins in Q1 2024, signaling a bearish market scenario instead.
The disappointing show from memecoins has led to a decrease in their daily trading activity, with a market value currently sitting at $51.8 billion. However, there are some assets that have experienced significant growth of over 50% today, indicating a fresh influx of investments.
Macroeconomic Factors Tanks Market
Catino led the way with a remarkable 116% increase, followed by FLIES and Lets Go Brandon with gains of 61% and 48% respectively. However, the broader market experienced a decrease of 8.5%, and Bitcoin dipped to $62,000 due to rumors of an impending Iranian attack on Israel.
Due to increasing geopolitical conflicts, many investors have pulled their funds from risky assets. Additionally, the US tax deadline is contributing to this trend. As reported by financial analysts, the period prior to the tax deadline often sees a downturn in the market as large inflows were observed during the previous year.
The surge in this trend can be explained by investors realizing capital gains from the previous bull market and reinvesting in stocks and cryptocurrencies, pushing asset values to new heights not seen for several months.
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2024-04-14 00:53