As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have witnessed numerous trends come and go, from Bitcoin’s meteoric rise to the meme coin craze that has taken the digital world by storm. The recent surge of NEIRO, a new entrant in the meme coin ecosystem, is a stark reminder of how quickly the tides can turn in this fast-paced market.
There’s an increasing trend in the meme coin market as emerging players such as NEIRO challenge established coins like Dogecoin (DOGE) and Shiba Inu (SHIB). The current liquidation data suggests where most investors are placing their bets, indicating a significant shift may happen soon.
Current meme coin liquidation outlook
Based on information from CoinGlass, the total market liquidation during this period was less severe compared to the previous week, amounting to approximately $180.25 million among 59,547 traders.
Apart from Bitcoin (BTC) and Ethereum (ETH), which sparked a 24-hour trend of traders being forced out of their positions, NEIRO experienced a significant liquidation worth approximately $8.71 million. Compared to this, Dogecoin (DOGE) saw a much smaller liquidation amounting to just $3.07 million. This difference is notable in the context of these digital assets.
As a researcher, I find it noteworthy to share that the recent sell-off of NEIRO surpassed those of both Dogwifhat (WIF) and PEPE, with NEIRO reaching a staggering $4.43 million and PEPE at $4.32 million respectively. In the past 24 hours, NEIRO has skyrocketed by over 51%, touching an all-time high (ATH) of $0.001524. This phenomenal growth, amounting to more than a 1,910% increase in the trailing 30-day period, underscores the excessive exposure of traders, leading to its intense liquidation.
Although it’s unclear what specifically powers the NEIRO token, there are strong indications that the meme coin market could see a significant crash imminently.
Can old meme coins compete with new ones?
A noticeable pattern on the CoinGlass liquidation heatmap shows that Shiba Inu wasn’t part of the current trends, which suggests that the community is increasingly focusing on more volatile and potentially higher-yielding options instead.
As an analyst, I’ve noticed a shift in the market that has sparked my curiosity and some concern regarding the longevity of established meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB), Floki Inu, Pepe coin, Bonk, and Wif. These coins have been popular for quite a while, but with recent trends, I’m pondering their ability to maintain their relevance in the ever-evolving crypto landscape.
While initial hype does not guarantee future success, utility is growing as the main defining feature for these asset classes. Notably, Shiba Inu is leading with the launch of Shibarium, with BONK and WIF also integrated into the Solana ecosystem.
The success of the new tokens, as compared to the existing ones, hinges on the benefits they offer to the community.
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2024-10-07 18:37