Crypto assets and meme coins are witnessing a price drop to lows not recorded in several months. Macro and industry-related factors largely sparked this with fear gripping various market areas. Meme coins and decentralized finance (DeFi) tokens have plunged significantly because of their volatility to market forces.
Bitcoin dropped below $63,000 occasioning wider outflows from altcoins and meme coins. The crypto market cap stands at $2.24 trillion at press time, a 4% drop in the last 24 hours. Meme coins also faced similar outflows with huge losses in top assets. As prices of meme tokens plunge over double-digits, investors mark low sentiments leading to major sell-offs.
Meme Coins In the Woods
This year, the meme coin market hit new highs following a frenzy on the back of a rally in crypto assets. As a result, the market cap spiked close to $70 billion in Q1 2024 with new tokens recording surging inflows as investor sentiment rose. Putting losses into perspective, meme coins now hav
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