Date: Wed, August 28, 2024, 08:09 AM GMT
In the cryptocurrency market today, major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), have seen significant drops, with BTC down 6.45% and ETH sliding by 8.70%. This downward trend has also taken a toll on the memecoin market, which saw a 7.6% decline in total market capitalization, now standing at $40.87 billion.
Pepe and Dogwifhat Tumble:
Among the hardest-hit in the memecoin sector are Pepe (PEPE) and Dogwifhat (WIF). Pepe, known for its massive community and viral appeal, has taken a 10.5% hit, bringing its current trading price to $0.000007641. Dogwifhat (WIF), a popular memecoin on the Solana network, isn’t faring much better, with its price dropping by 10.60% to $1.57.
Liquidations Hit Hard:
The sharp declines in PEPE and WIF have led to significant liquidations. According to data from CoinGlass, PEPE saw a total of $4.17 million in liquidations, with $3.56 million coming from long orders and $611,000 from short orders.
WIF wasn’t spared either, experiencing $2.76 million in liquidations, with $2.44 million from long orders and $318,000 from short orders.
Popcat Defies the Trend:
Despite the bearish sentiment sweeping the market, Popcat (POPCAT), another Solana-based memecoin, has defied the odds. While other coins were sinking, Popcat surged by 5.47% over the last 24 hours, currently trading at $0.7104 with a market capitalization of $696 million.
In summary, while the broader cryptocurrency market faces a downturn, with memecoins like Pepe and Dogwifhat taking significant hits, Popcat’s unexpected rise shows that not all coins are following the same path. As the market continues to shift, it’s a reminder of the unpredictable nature of crypto investing.