Memecoins
Meme Coins DOGE and SHIB See Losses as Ethereum Drops 4%
During this market pause, meme coins continued to operate, but this trend appears to have come to an end. Major meme coins have posted losses that outweigh Ethereum’s decline over the past 24 hours.
Legacy meme coin Dogemoneta fell by 6.8% while Shiba Inu it slipped 5.5% over the past day. In the meantime, Dogwifhat it fell by a considerable 12.3%. But it wasn’t just dog coins Pepper saw a decline of 7.3% and Book of Memes fell 9.6%, according to CoinGecko data.
This comes after some sort of meme supercycle, like defined by a founding partner of Stratos, a crypto hedge fund. During the supercycle, institutional investors began to view meme coins as a legitimate investment. Solana in particular I’ve seen a huge increase in memes like Dogwifhat grabbing the headlines first degens has started live streaming to pump tokens.
Solana’s latest rise was Popcatwho is now the only cat in the top 10 memes according to CoinGecko. It has had a meteoric rise of 35.5% in the last week. However, even this new addition to the list of meme coins was not immune to the latest market downturn, losing 12.9% in the last 24 hours.
Solana it has equally risen by 20.9% in the last 7 days with meme coins performing strongly, but has now fallen by 7.7% in the last 24 hours.
It appears that most of the damage was suffered by memes, as Ethereum loses 4.0%, a moderate loss compared to that suffered by memes. But, notably, this means that ETH is back below the $3,000 mark for the first time since May 2nd.
In turn, second CoinGlass dataIn the last 24 hours, over $24 million in long positions on Ethereum have been liquidated, for a total liquidation of $27 million, including short positions.
The news comes a day after Grayscale notified the SEC withdrawing his application to convert your Grayscale Ethereum Trust (ETHE) into a spot ETF, the same process followed to convert your Grayscale Bitcoin Trust.
By Stacy Elliott.