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In this market lull, meme coins have still been performing however this trend seems to have started to an finish. The very best meme coins have experienced losses that over-shadow Ethereum’s drop within the last 24 hrs.
Legacy meme gold coin Dogecoin has dropped 6.8% while Shiba Inu tucked 5.5% previously day. Meanwhile, Dogwifhat fell a big 12.3%. It was not just dog coins though, even Pepe saw a decline of seven.3% and Book of Meme fell 9.6%, based on CoinGecko data.
This uses a bit of a meme supercycle, as based on a founding partner at Stratos, a crypto hedge fund. Throughout the supercycle, institutional investors started to think about meme coins like a legitimate investment. Solana especially saw an enormous increase in memes with the kind of Dogwifhat grabbing headlines before degens started livestreaming to function tokens.
Solana’s latest riser was Popcat, that is the only cat within the top ten meme based on CoinGecko. It’s were built with a meteoric rise of 35.5% during the last week. However, even this latest accessory for the meme gold coin roster wasn’t safe from the most recent downturn on the market, losing 12.9% previously 24 hrs.
Solana equally leaped 20.9% in the last seven days with meme coins performing very well, but has tumbled 7.7% within the last 24 hrs.
It seems that many damage continues to be taken by memes as Ethereum slips 4.%, an average loss when compared with exactly what the memes took. But, particularly, which means ETH has tucked back underneath the $3,000 mark the very first time since May 2.
Consequently, based on CoinGlass data, over $24 million in lengthy positions for Ethereum happen to be liquidated in the last 24 hrs, $27 million total liquidations including short positions.
This news comes the next day Grayscale notified the SEC it’s withdrawing its application to transform its Grayscale Ethereum Trust (ETHE) right into a place ETF, exactly the same process it went through to transform its Grayscale Bitcoin Trust.
Edited by Stacy Elliott.
