As a seasoned researcher with over two decades of experience in the dynamic world of cryptocurrencies, I have witnessed the rise and fall of countless digital assets. Today, October 9, 2024, is another day that reminds me of the unpredictable nature of this industry. The meme coins, particularly Popcat (POPCAT) and Dogwifhat (WIF), are experiencing a steep decline, reflecting an apathetic market.
As an analyst, I find myself observing a rather lackluster market today, with most meme cryptocurrencies within the top 100 experiencing value drops. One notable exception, unfortunately, is Popcat (POPCAT), even though it’s backed by crypto investing veteran Murad Mahmudov. Today, Popcat is among the bottom five performers, reporting significant losses.
Popcat (POPCAT), Dogwifhat (WIF) on list of worst performers
On October 9, 2024, the prices of meme cryptocurrencies are significantly dropping. The largest cat-themed crypto, Popcat (POPCAT), has experienced a decrease of 5.9%. Over the past 24 hours, its market capitalization fell below $1.2 billion due to low trading activity.
Popcat (POPCAT) has been recognized as one of the leading meme coins, drawing attention from trader Murad Mahmudov who sparked interest among global crypto enthusiasts with his “meme coin cycle” theory at TOKEN 2049 in Singapore. As a result, this token continues to show growth, currently up by approximately 15% over the past week.
In a turn of events, the popular Solana-based meme token, Doge With Hat (WIF), saw a 5.5% decrease in its value over night, leaving some investors feeling let down.
Based on information from CoinGloss, it appears that speculators using cryptocurrency derivatives are experiencing losses with both Dogwhati (WIF) and Popcat (POPCAT).
Of the 3.4 million shorted positions on cryptocurrencies within the past day, the large portion can be categorized as long positions.
It should be noted that other big meme coins are also in the red today. Floki (FLOKI), Bonk (BONK) and Based Brett (BRETT) are down by 3-4%.
Dogecoin (DOGE) becomes only outstanding meme coin
Today, Shiba Inu (SHIB) has experienced minimal impact from the market dip, registering a modest decrease of approximately 1.5%. On the other hand, Dogecoin (DOGE), the most prominent meme coin, is the sole cryptocurrency within its category demonstrating positive trends today.
Over the past day, I’ve observed a 1.3% increase in the value of Dogecoin (DOGE), and once more, we’re seeing its market capitalization edging towards the significant $16 billion milestone.
Today, the standard for the cryptocurrency market has dropped approximately 2.5%. Specifically, Bitcoin (BTC) decreased by 1.5%, and Ethereum (ETH) saw a slight dip of 0.2%.
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2024-10-10 11:11