The cryptocurrency market has skilled a big downtrend over the previous 24 hours, led by Bitcoin (BTC). The main cryptocurrency briefly dipped under $60,000 earlier than stabilizing round $61,000 throughout the early European session on Tuesday. This notable drop resulted in additional than $300 million in whole liquidations, predominantly affecting lengthy merchants.
Will meme coins like Shiba Inu and Pepe undergo the identical destiny? Dive deeper to search out out what’s subsequent for the crypto market and how one can navigate the volatility.
Meme Coins Take a Hit
Amid the continued market correction, the valuation of meme cash has plummeted from almost $70 billion to round $47 billion. This excessive degree of hypothesis within the crypto market has heightened fears of additional corrections within the coming weeks, doubtlessly earlier than an anticipated altseason surge.
Based on the most recent market knowledge, Ethereum-based Shiba Inu (SHIB) has dropped 30 % over the past 4 weeks, hovering round $0.0000173 as of Tuesday. Equally, the frog-themed Pepe (PEPE), with a completely diluted valuation of about $4.88 billion and a each day common buying and selling quantity of roughly $939 million, has shed greater than 22 % prior to now 4 weeks, buying and selling at about $0.00001161.
Whales Go for Warning
With Bitcoin’s price motion suggesting additional corrections, some crypto merchants are selecting to remain on the sidelines. On-chain knowledge reveals {that a} Shiba Inu whale handle, which gathered cash between November and December final yr, has deposited its holdings value round $18.12 million into Binance.
Moreover, one other whale deposited 700 billion PEPE, valued at over $7.8 million, into Binance and presently holds round 800 billion PEPE.
Understanding the Market Sentiment
Regardless of the accelerated market downturn, standard crypto analyst Ali Martinez predicts a powerful rebound within the coming days. There’s a rising name amongst traders to purchase the dip, anticipating a market restoration within the close to time period.
Is that this the shopping for alternative you’ve been ready for, or the calm earlier than one other storm?
Additionally Learn: Are Altcoins Doomed as Bitcoin Targets $100,000? New Market Insights and Data