Dogecoin, Shiba Inu’s 15% Drop In Seven Days Pushes Meme Coin Valuations Down 10%: ‘Double Down On Positions’

The global cryptocurrency market capitalization fell 3% on Friday to trade at $2 trillion, but the market valuation of meme coins plummeted 10% in a single day.

what happened: The cryptocurrency market is hemorrhaging.

The meme coin’s market capitalization fell 10% to $42.8 billion, according to data from Coingecko. Dogwif Hat WIF/USD and Bonk Bonk/USD Only two meme coins managed to maintain their rise in the top ten.

meanwhile Dogecoin DOGE/USD and Shiba Inu SHIB/USD Although it dropped in value by around 12%-15% in the early hours of the day, Dogecoin managed to recover some of its losses. Dogecoin’s losses were the result of large whale movements and large amounts of liquidation. Shiba Inu maintained a positive daily active addresses.

Over the past seven trading days, the prices of Dogecoin and Shiba Inu have each fallen by 15%, leaving the meme coin’s valuation and investor confidence in limbo.

Crypto trader Dami Defi said in a tweet that traders should focus on resilient altcoins:

Another cryptocurrency trader, HENRI.SOL pointed He said Bonk’s strength is “a good example of why this is a favorable cycle for meme coins.” He compared BONK’s decline of 1.24% to Solana’s decline of 23.65% over the past 90 days.

Also read: Crypto’s ‘easy times’ are over, traders say, and meme coins are contributing to this

Why is this important: Crypto Trader JR5 Crypto Tweeted As the market falls, he said he is looking for positions in top meme coins, adding that he will “double down on positions when prices are low.”

Meanwhile, another trader, Blockchainedbb, is update Traders stressed that since the meme coin cannot afford to drop below the 200-day EMA, shorting is the only way to make profits on the cryptocurrency until it reaches the $44,000 to $48,000 region.

Crypto Industry Experts Degentraland Thanks He criticized the current market decline and said the selloff was much needed. He added that everyone who bought low float, high FDV tokens, and celebrity meme coins has been weeded out. He optimistically concluded that “we can now resume the upswing in peace.”

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Market news and data provided by Benzinga API

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