Memecoin market cap fell 12% during liquidation today
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Memecoin has been hit the hardest during today’s market sell-off, with its market capitalization almost double that of the average market.
Earlier today, Matrixport reports that the SEC might reject a Bitcoin ETF application triggered a massive liquidation across the market. Within four hours, the market lost more than $540 million, with Bitcoin and Ethereum falling nearly 10%.
However, the meme coin market appears to be experiencing a dramatic end to liquidation, with all major meme tokens losing over 10% of their value today. Bonk, the newest and hottest meme coin, is down nearly 16% today, with the token down 66% from its all-time high reached less than three weeks ago.
Dogecoin Perhaps the biggest drop among the top Meme tokens, falling from $0.090 to $0.0819 in just 15 minutes. The leading meme coin has since recovered slightly. Shiba Inu was also down more than 10% on the day, but the coin’s significant rally in December means it is still up nearly 8% over 30 days.
Today, cryptocurrency market capitalization is down 4.9%, but meme coin market capitalization is down nearly 11.5%, more than double the average market capitalization. As more speculation continues about the possible approval of a Bitcoin ETF, it will be interesting to see how much of an impact it has on the meme coin market.
