Top Memecoins Are Trading in Red Today- Here is Why

Date: Thu, July 25, 2024, 5:28 AM GMT

Today, the cryptocurrency market is experiencing a significant decline, with major memecoins facing sharp drops in their prices. Top memecoins like , WIF, BONK, BRETT, MOG, MEW, BOME, PONKE, TURBO and APU are all trading in the red. The total memecoins marketcap has fallen by -4.71% % to $48.29 Billion, while the 24-hour trading volume has decreased by 0.55% to $4.9 billion.

Here’s Why Memecoins are Down Today:

1) Bitcoin (BTC):

Bitcoin’s chart analysis shows it formed a channel but failed to break out of the resistance at $68,000, leading to a drop to the current $64,000 level, marking a 2.48% decline in the past 24 hours.

2) Ethereum Spot ETF:

The Ethereum Spot ETF began trading on July 23, attracting a massive daily inflow of $1 billion. However, despite this positive news, Ethereum’s price dropped to $3,178, down by 7.22%. This phenomenon is known as “Buy the Rumor, Sell the News,” where investors sell off after a highly anticipated event, causing prices to fall. We saw a similar pattern with the Bitcoin Spot ETF launch.

Global Market:

The global financial market is also experiencing a solid decline today. According to Watcher Guru, over $1.1 trillion was wiped out from the US stock market. Key indices are down significantly:

• Dow Jones: 39,866.95 (-491.14, -1.22%)
• Nasdaq: 17,345.84 (-651.51, -3.62%)
• S&P 500: 5,431.61 (-124.13, -2.23%)

These factors are contributing to the current downturn in the cryptocurrency market, affecting not only Bitcoin but also memecoins. Meanwhile this drop might get recover soon if Bitcoin show some pullback.