- Memecoins shows little resilience amid the market downturn.
- Bitcoin slips below $60K, hits two-month low.
In a notable downturn, the cryptocurrency market experienced a significant dip, with Bitcoin, the leader of the pack, plunging below the $60,000 mark, hitting a two-month low of $56,465. This downward trend was mirrored by many altcoins, painting the market red. However, amidst the sea of losses, Solana and certain memecoins bucked the trend, showcasing resilience.
Despite the general bearish sentiment, the memecoin market demonstrated surprising strength, with an overall market cap increase of 2.12%, reaching $47 billion. However, trading volume saw a 9.73% decline, resting at $5 billion. Over the past 24 hours, memecoins experienced significant volatility. Notable performers include PEPE, up 17%; WIF, up 11%; BONK, up 18%; and FLOKI, up 10%.
But as an unexpected downturn, while some memecoins saw slight corrections following their initial surges, they still maintained gains. PEPE is now up by 3%, BONK by 4.8%, WIF by 0.99%, and FLOKI down by 1.73%. These fluctuations have surprised many traders, highlighting the unpredictable nature of the memecoin market.
Meanwhile, Kain Warwick, the founder of Synthetix, emphasized the potential value of memecoin trading for decentralized exchanges (DEXs), citing its ability to attract non-traditional DeFi traders and drive significant flows to these platforms.
Despite a downturn in the cryptocurrency market, memecoins have demonstrated a slight resilience and potential value for decentralized exchanges. Which in turn made the investors raise hope on their notable performers defying the trend.
