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Market Update: Meme Coins Reactions to Bitcoin’s Volatility
Meme coins often exhibit significant fluctuations in price, particularly in response to movements in Bitcoin and the broader cryptocurrency market. Recently, following a Bitcoin flash crash that reverberated across the market, meme coins experienced notable losses. Higher market cap meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) demonstrated a moderate decline, with DOGE down approximately 6% and SHIB down 2% over a 24-hour period.
Bitcoin itself saw a sharp decline, plummeting from over $68,000 to nearly $62,000 in a short span. This flash crash, observed on the BitMEX exchange, may have had spillover effects on the broader crypto landscape. Despite these fluctuations, Bitcoin has shown resilience, currently circling around $65,200 post-recovery, experiencing a 2% decline for the day.
Impact on Different Meme Coins
While stalwart meme coins like DOGE and SHIB demonstrated relative stability, newer coins primarily minted on Solana faced more pronounced declines. Dogwifhat (WIF), for instance, experienced a 7% dip despite a significant recovery, registering a 30% increase over the past week. On the other hand, BONK, previously a leading Solana meme coin, witnessed a considerable drop of 23% over the week, now down by 50% from its all-time high.
Recent additions to the Solana meme coin spectrum, including Book of Meme (BOME), manifested substantial price volatility. BOME, an emblem of the “presale meta” trend that has gained traction on Crypto Twitter, observed wild price swings, ending the day with a 4% decline. Notably, the token has plummeted by 57% from its peak, potentially influenced by regulatory scrutiny announced by Binance.
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