As a researcher with experience in the cryptocurrency market, I’ve witnessed firsthand how volatile and unpredictable it can be. The recent downturn in Bitcoin’s price below $60,000 has put immense pressure on Shiba Inu (SHIB) and Dogecoin (DOGE) competitors on Solana (SOL) and Base (BASE) blockchains. In the last seven days, the meme crypto scene on these platforms lost over one-third of its value.
As a researcher studying the cryptocurrency market, I’ve observed that Shiba Inu (SHIB) and Dogecoin (DOGE), which have competitors on the Solana (SOL) and Binance Smart Chain (BASE) blockchains, are currently facing pressure due to Bitcoin (BTC) dipping below $60,000. Over the last seven days, the meme crypto sector on Binance Smart Chain has experienced a significant loss, with more than one-third of its value evaporating.
Base meme coins segment loses 24% in 24 hours
Meme cryptocurrencies in Base (BASE) and Solana (SOL) have once again taken a significant hit during the recent crypto market downturn. In just the past 24 hours, approximately 24% of the total value of meme coins on the Base platform has been wiped out.
As a researcher studying the meme coin market within the Base (BASE) ecosystem, I’ve observed that the coins with smaller market capitalizations have experienced the most significant losses. Nevertheless, even the leading coins, such as BRETT, DEGEN, and HIGHER, have seen drops of approximately 10% to 15%.
As a crypto investor, I’ve noticed that cat-themed meme coins took a hit last night, with the category losing around 17% on CoinGecko. However, despite this downturn, two notable players in this sector, Cat In The Dog World (MEW) and Mog Coin (MOG), managed to print losses of only 3-4%. Surprisingly enough, these coins actually outperformed the overall crypto market by not losing as much value.
In the past 24 hours, the meme coin market surrounding Solana (SOL) experienced a significant decline of approximately 15%. In contrast, the price changes for the leading coins within this ecosystem, including WIF, BONK, and BOME, saw more modest reductions. Specifically, WIF dipped by 1-2%, BONK shed off 3-5%, while BOME experienced a decrease of around 1-6%.
In my previous research for U.Today, I noted that meme coins built on the Solana (SOL) and Base (BASE) blockchains experienced a decline in value during the recent market downturn on weekends.
Crypto liquidations near $400 million
As a market analyst, I’ve observed a significant drop in the crypto market capitalization within the past 24 hours, amounting to a decrease of approximately 3.9%. Among the top cryptocurrencies, Bitcoin (BTC) experienced a more pronounced decline, shedding around 5.7% of its value.
The recent decline in prices, or “flush,” can be explained by the conclusion of Binance‘s CEO (CZ) court trial and the lackluster beginning of crypto-backed spot ETFs in Hong Kong.
In the past day, a significant number of Bitcoin (BTC) and alternative coin futures traders faced liquidation. According to CoinGlass, over $390 million in positions, predominantly long ones, were wiped out.
Bitcoin (BTC) and Ethereum (ETH) are responsible for $250 million of this sum.
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2024-05-01 18:22