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Major meme coins fall as crypto markets decline
The cryptocurrency market is experiencing another decline on Monday morning, with major coins recording notable drops.
For example, ETH is trading below $3,000 again and is down 4% on the day. XRP is down 5%, and now the bulls are struggling to defend the critical $0.4 level.
As seen in the heatmap above, there is absolutely no exception to the large-cap altcoins, all of which are trading well into the red. The drop in the last few hours has resulted nearly $300 million in liquidated leveraged positions, most of which were long. While $113 million were short positions, indicating choppy price action.
One category that has taken a substantial hit, however, is meme coins. According to CoinGecko, the entire meme coin sector has fallen by 10% in the last 24 hours alone.
That said, major meme coins are plummeting at the time of writing.
- DOGE fell 6.4%
- SHIB fell 4.8%
- PEPE fell 10%
- WIF fell 9.5%
- BONK fell 6%
- FLOKI fell 6%
According to the popular Crypto Fear and Greed Index, the current market sentiment is fearful at 28 points. Just for comparison – it was 53 last week and 72 last month.
It appears that the market remains cautious about the potential selling pressure that could be induced by creditors dumping their BTC and BCH recovered from the Mt. Gox exchange. As CryptoPotato reported Previously, the now-defunct trading platform began paying its creditors after a saga that lasted about 10 years.