Meme Coins Witness Huge Losses

Meme Coins Witness Huge Losses as the Crypto Market Drops On December 10, 2024, the cryptocurrency market had yet another downturn, with Bitcoin falling below $95,000 for the second time in a row, leading to extensive liquidations. Meme Coins Witness Huge Losses as the Crypto Market Drops

On December 10, 2024, the cryptocurrency market had yet another downturn, with Bitcoin falling below $95,000 for the second time in a row, leading to extensive liquidations. Meme Coins Witness Huge Losses as the Crypto Market Drops

Some of the worst losses have been suffered by meme currencies in particular. Dogecoin (DOGE) dropped 12% during the last day to trade below $0.40 after momentarily reaching a multi-year high of $0.485. In contrast to other meme coins like FLOKI, BONK, and WIF, which all saw falls of roughly 20%, Shiba Inu (SHIB) fell 15% to $0.000025. BONK was trading as low as $0.00034, and FLOKI was having trouble staying over $0.00022. In terms of social interaction, these meme coins continue to rule the market despite recent defeats; Dogecoin and Shiba Inu are still in the top 20 assets by market capitalization. Meme Coins Witness Huge Losses as the Crypto Market Drops

A larger market correction that resulted in a sharp decline in the value of large-cap altcoins added to the losses incurred by meme currencies. Extreme volatility was experienced by meme coins following the decline of Bitcoin. Following a brief decline below $0.39 on Monday, Dogecoin’s price continued to struggle, dropping 10%. The predicament was comparable to that of other meme tokens, such as FLOKI and BONK, which had experienced drops of 15% and 16%, respectively. The risk of the meme coin market is especially noticeable during corrections like the one we are currently experiencing, when abrupt price declines—often brought on by speculative trading—cause steep corrections. Meme Coins Witness Huge Losses as the Crypto Market Drops

Pressure also caused Ethereum’s price to drop by roughly 6%, which aided in market liquidations for both Ethereum and Bitcoin. Over $700 million in liquidations were reported by derivatives exchanges, with Binance topping the pack at $734 million. Over-leveraged positions, particularly in meme coins like Dogecoin and Shiba Inu, were the main cause of the spike in liquidations, which made the decline even worse. Meme Coins Witness Huge Losses as the Crypto Market Drops

There are no indications of a complete market reversal at this time, despite the unstable situation. While Ethereum and Solana are also under pressure, their losses are not as great as those of meme coins, and Bitcoin has leveled down at about $97,000. Particularly for investors that are extensively invested in leveraged positions, the meme coin industry continues to be one of the most dangerous and unpredictable on the market. Meme Coins Witness Huge Losses as the Crypto Market Drops

The market’s general trend indicates that uncertainty will persist, and its corrective phase will cause a mix of investor fear and liquidation cascades. Even while some coins, like Dogecoin and Shiba Inu, have suffered significant losses, the coming days will probably be crucial in deciding whether the market as a whole stabilizes or keeps struggling. Meme Coins Witness Huge Losses as the Crypto Market Drops