As the cryptocurrency segment slowly recovers from yesterday's devastating drop, the meme cryptos segment sends mixed signals to bulls. While the majority of dog-themed meme coins remain in red, some already got back to surging.
Dogecoin (DOGE) leading meme coin comeback
Dogecoin (DOGE), the oldest and largest meme cryptocurrency, surged by over 12% in hours today. The DOGE price on major spot trading platforms surged to $0.208 at the growing trading volume.
Yesterday, Dogecoin (DOGE), together with all major altcoins, erased all gains of the Q4, 2024 rally. It dipped below $0.15, which is the lowest position since the U.S. elections Nov. 5, 2024.
Many other mainstream meme coins are still in red today. Pepe (PEPE) is down by 4.6%, while Shiba Inu (SHIB) lost 1.3% of its market cap. Shiba Inu (SHIB) capitalization plunged below $8 billion.
Bonk (BONK), the second major stablecoin in green, added 0.5% in price. Bonk (BONK) capitalization is back to 10-digit zones, while the BONK price is over $0.00001326.
Net capitalization indicators of meme-associated segments are down by 2-3%, while the market benchmark for crypto is 1.2% up.
FLOKI loses its place in top 100 cryptos
FLOKI, another popular community cryptocurrency, lost 0.7% of its market cap, and was replaced by Tezos (XTZ) as the 100th largest crypto by market cap.
Amid the increased uncertainty, alternative Layer-1 blockchains Hedera (HBAR) and Celestia (TIA) are outperforming with 15.7% and 14.5% added overnight. Also, novel blockchain Sonic (S), successor of Fantom (FTM), added 8.3%.
As markets are sending mixed signals, both bears and bulls are struggling today. In the last 24 hours, liquidations exceeded $250 million; long and short positions are responsible for 51% and 49% of this notable volume.
Dan Burgin
Vladislav Sopov