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Meme Coins DOGE and SHIB show losses while Ethereum drops 4%
During this market lull, meme coins still performed, but this trend appears to have come to an end. Top meme coins have seen losses surpassing Ethereum’s drop in the last 24 hours.
Legacy meme coin Dogecoin fell 6.8% while Shiba Inu fell 5.5% the previous day. About that, Dog hat fell a considerable 12.3%. But they weren’t just dog coins, even Pepe recorded a drop of 7.3% and meme book fell 9.6%, according to data from CoinGecko.
This comes after a meme supercycle, like set by a founding partner of Stratos, a crypto hedge fund. During the supercycle, institutional investors began to consider meme coins as a legitimate investment. Solana I especially saw a huge increase in memes like Dog hat making headlines before degens started broadcasting live to pump tokens.
Solana’s last riser was Popcornwhich is now the only cat in the top 10 memes according to CoinGecko. It had a meteoric increase of 35.5% in the last week. However, even this new addition to the list of meme coins has not been immune to the latest market downturn, losing 12.9% in the last 24 hours.
Solana it also jumped 20.9% in the last 7 days with meme coins performing so well, but is now down 7.7% in the last 24 hours.
It appears that most of the damage was suffered by memes, as Ethereum fell 4.0%, a moderate loss compared to what memes suffered. But notably, this means that ETH has fallen below the $3,000 mark for the first time since May 2.
In turn, according to CoinGlass DataMore than $24 million in long positions for Ethereum were liquidated in the last 24 hours, totaling liquidations of $27 million, including short positions.
The news comes a day after Grayscale notified the SEC that it is withdrawing your order to convert your Grayscale Ethereum Trust (ETHE) into a spot ETF, the same process you went through to convert your Grayscale Bitcoin Trust.
Edited by Stacy Elliott.