The global crypto market cap of meme coins is down by 3.46% at the time of articulating this piece. It is hovering around $52.74 billion, with a dip of 10.93% in trading volume. The top tokens in the segment have taken a severe hit, leaving holders wondering what has gone wrong in the last 24 hours. The trend nearly aligns with the global market cap of every digital asset, as it has plunged by 1.09%. It is still above $2.44 trillion with an FGI of 63 points for Greed sentiment.
Bitcoin and Ethereum sustain their rallies
BTC price is still above $67,000, and ETH is exchanging hands at a value of more than $3,400. While the Ethereum token is waiting for the ETH product to hit the market, Bitcoin is largely seeking support from its already-approved investment mechanism, which went live in January this year. At the press time, Bitcoin’s value has dropped by 0.99% at $67,168.29.
During the same time window, the Ethereum price slipped by 1.59% to exchange hands at $3,457.75. Reports surfacing at the moment clarify that Spot Ethereum ETF applications have been approved by the US Securities & Exchange Commission. Meaning it could soon hit the trading floor. The effects will not be immediate, but the token is more likely to see upswings in its value.
Meme Coins lose their grounds
Bearish sentiments have affected all major meme coins. Dogecoin and Shiba Inu, for starters, have shed 1.17% and 1.24% of their respective weights in a single day. DOGE is listed at $0.1362, and SHIB is live at the price of $0.00001739. SHIB has rather lost more since it is also down by 11.85% in the last 7 days. DOGE, on the other hand, increased by 8.84% during that time frame.
The difference between their market caps has come down, but it is still out of range for the second-ranked meme coin on the chart. Dogecoin is now projected to surpass $1 by the middle of the next year, that is 2025. Shiba Inu could reach closer to $0.0001 by the end of 2024.
Other Gainers and Losers
In the last 24 hours, XRP has gained a notable margin of 1.98%. This is in contrast to how other top cryptos have performed. BNB, for instance, is down by 2.59%, and SOL has lost 2.95% of its token value. It is speculated that XRP will continue to mark upticks as the final verdict of Ripple and the SEC legal battle draw closer. According to reports, XRP ETPs have welcomed a $500k boost.
PEPE, WIF, and BONK are experiencing significant declines. In the last 24 hours, they have plummeted by 2.40%, 4.63%, and 10.96%, applicable in the same order, respectively. Non-Playable Coin ($NPC) and Apu Apustaja ($APU) are the only meme coins in the top 240 ranking to have gained 18.58% and 3.36% of value, respectively.
Conclusion
Ongoing downward fluctuation is likely to be a passing phase. Expect a rebound in the coming times, especially as Spot Ether ETF gains traction in the market.
Disclaimer: This piece is intended to serve as reference material only, not as investment advice or a recommendation.