Memecoins took the hardest hit in today’s market selloff, losing almost double the market cap of the average market.
Earlier today reports from Matrixport regarding the SEC’s potential rejection of Bitcoin ETF applications triggered a significant liquidation across the market. Within four hours, the market lost over $540 million, with Bitcoin and Ethereum dipping nearly 10%.
However, it appears that the meme coin market took the sharp end of liquidation, with all major meme tokens losing over 10% of their value today. Bonk, the newest and most trending meme coin, lost nearly 16% today, and the token is 66% down from its all-time high reached less than three weeks ago.
Dogecoin perhaps suffered the worst fall among the top meme tokens, from $0.090 to $0.0819 in just 15 minutes. Since then, the leading meme coin slightly recovered. Shiba Inu also lost over 10% on the day, but the token’s notable rally in December means it’s still nearly 8% up in 30 days.
The crypto market cap fell by 4.9% today, but the meme coin market cap fell by nearly 11.5% — more than double the average. As more speculations around the potential approval of Bitcoin ETFs keep coming, it will be intriguing to see how significantly it impacts the meme coin market.
Mohammad Shahidullah
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