Top Memecoins Face Pullback Amid Recent Market Rally
February 21 2024 - 9:00PM
NEWSBTC
The recent market rally has shown positive signals for many
cryptocurrencies and has filled investors with optimistic
expectations for the near future. Ignited by the ongoing Bitcoin
Exchange-traded Fund (ETF) frenzy, whale accumulation, and
meaningful updates from different projects, the market has shown
significant growth during the first two months of 2024. Related
Reading: Shiba Inu: Shibarium Transaction Activity Spike Amid
Market Growth Memecoins Face Pullback Despite Growing Market In the
last week, Bitcoin and Ether, the two largest cryptocurrencies by
market capitalization, have met important milestones that have set
the tone for the general market. BTC surpassed the $50,000
resistance zone 9 days ago and has shown strong support above this
level ever since. Similarly, this Tuesday, Ether momentarily
surpassed the $3,000 support zone for the first time in almost two
years. Both milestones have fueled investor’s excitement for the
crypto market. Nonetheless, the market showed signals of a
momentary slowdown this Wednesday after many cryptocurrencies
started seeing a red light decelerating their numbers. According to
CoinGecko data, meme coins are not an exception. The sector’s
market capitalization has declined 7.0% in the last 24 hours,
currently at $21.9 billion and a total daily trading volume of
$1.35 billion. Top 10 memecoins by market capitalization. Source:
CoinGecko Top Memecoins Among The Biggest Losers As the chart above
illustrates, eight of the top ten memecoins face a price downtrend
in the 1-hour, one-day, and seven-day timeframes. Pepe (PEPE),
dogwifhat (WIF), and FLOKI were among the biggest losers since
yesterday. However, CorgiAI (CORGIAI) and PepeFork (PORK) prices
show green numbers simultaneously. The top 3 memecoins by market
capitalization follow the same trend as the memecoin market. At the
time of writing, the prices of Dogecoin (DOGE), Shiba Inu (SHIB),
and Bonk (BONK) are displaying negative numbers. Bonk BONK is
leading the red path as the biggest loser in the memecoin top 10.
Recently, the cryptocurrency saw a revival by its meteoric 25%
on-day rally that propelled it back to the top 100
cryptocurrencies. The memecoin sits at the 114th spot of all
cryptocurrencies, with a market capitalization of $692.3 million,
representing a 5.8% decrease in the last 24 hours. BONK is trading
at $0,00001148, indicating a 9.3% and 17.6% price drop in the last
24-hour and seven-day timeframes, respectively. However, the
token’s daily trading volume shows a 10,9% increase compared to
yesterday, signaling a recent rise in market activity. Dogecoin As
previously reported, DOGE has shown signs of embarking on a bullish
recovery after whale activity fueled the rise in trading volume.
The ecosystem’s activity increased in the last month, with more
than 1 million transactions being processed daily since January 30.
DOGE’s trading activity on the last day revealed a 39.3% decline in
market activity for the token, with $597.9 million worth of trading
volume. According to CoinGecko, its market capitalization sits at
$11.88 billion. This indicates a 25% one-day decrease in
performance that leaves the token out of the top 10
cryptocurrencies by this metric. Likewise, DOGE’s price shows a
3.5% pullback during the last day, currently trading at $0.083.
Shiba Inu SHIB, like DOGE and BONK, has seen a considerable price
reduction since yesterday and is currently trading at $0,09399, a
3.8% decrease in this time frame. While its market capitalization
has also reduced in the last day (a 2.71% decrease), the daily
trading volume for the 19th largest cryptocurrency has increased
15% in the previous 24 hours, at $300.8 million. Despite the recent
data signaling a momentary loss of momentum for the memecoin
market, it’s worth noting that the top 3 memecoins by market
capitalization saw positive performance in the 14-day time frame.
In the last two weeks, BONK has seen a 12.7% price upsurge, while
DOGE and SHIB have increased a notable 5.6% and 5.9%, respectively.
Related Reading: Crypto Riches: Altcoin Holders Swim In Profits,
But There’s A Potential risk Altcoins market capitalization at
$226.114 billion in the 1-day chart. Source: TradingView.com
Featured image from Unsplash.com, Chart from TradingView.com and
Coingecko.com
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