The recent market rally has shown positive signals for many cryptocurrencies and has filled investors with optimistic expectations for the near future.
Ignited by the ongoing Bitcoin Exchange-traded Fund (ETF) frenzy, whale accumulation, and meaningful updates from different projects, the market has shown significant growth during the first two months of 2024.
Memecoins Face Pullback Despite Growing Market
In the last week, Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, have met important milestones that have set the tone for the general market.
BTC surpassed the $50,000 resistance zone 9 days ago and has shown strong support above this level ever since. Similarly, this Tuesday, Ether momentarily surpassed the $3,000 support zone for the first time in almost two years. Both milestones have fueled investor’s excitement for the crypto market.
Nonetheless, the market showed signals of a momentary slowdown this Wednesday after many cryptocurrencies started seeing a red light decelerating their numbers.
According to CoinGecko data, meme coins are not an exception. The sector’s market capitalization has declined 7.0% in the last 24 hours, currently at $21.9 billion and a total daily trading volume of $1.35 billion.
Top 10 memecoins by market capitalization. Source: CoinGecko
Top Memecoins Among The Biggest Losers
As the chart above illustrates, eight of the top ten memecoins face a price downtrend in the 1-hour, one-day, and seven-day timeframes. Pepe (PEPE), dogwifhat (WIF), and FLOKI were among the biggest losers since yesterday. However, CorgiAI (CORGIAI) and PepeFork (PORK) prices show green numbers simultaneously.
The top 3 memecoins by market capitalization follow the same trend as the memecoin market. At the time of writing, the prices of Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK) are displaying negative numbers.
Bonk
BONK is leading the red path as the biggest loser in the memecoin top 10. Recently, the cryptocurrency saw a revival by its meteoric 25% on-day rally that propelled it back to the top 100 cryptocurrencies.
The memecoin sits at the 114th spot of all cryptocurrencies, with a market capitalization of $692.3 million, representing a 5.8% decrease in the last 24 hours.
BONK is trading at $0,00001148, indicating a 9.3% and 17.6% price drop in the last 24-hour and seven-day timeframes, respectively. However, the token’s daily trading volume shows a 10,9% increase…
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