Memecoin Market Plummets 18% in 24 Hours Due to Crypto Liquidations and Market Volatility
The memecoin market took a hit with an 18% drop in the last 24 hours, as liquidations from wider crypto assets caused a ripple effect. This volatility in digital assets has led to sell-offs, with macroeconomic factors adding to investor caution. Memecoins like Dogecoin and Shiba Inu saw significant losses, wiping out previous gains and signaling a bearish trend in the market.
Despite the losses, some assets have seen gains of over 50%, hinting at a potential shift in funds. The market capitalization currently stands at $51.8 billion, with Catino, FLIES, and Lets Go Brandon among the top gainers. Geopolitical tensions and the United States tax deadline have contributed to the market downturn, with investors pulling funds from risky assets.
The trend of assets recording huge inflows before the tax deadline is attributed to investors paying for capital gains from the previous year’s bull market. This year, both stocks and cryptocurrencies saw significant inflows, leading to highs not seen in months. The market remains volatile, with investors closely monitoring developments for potential opportunities.
