As Bitcoin (BTC) fails to hold above $100,000 for the fifth consecutive try, the cryptocurrency market plunged by 8.3% in a few hours. Here's why meme coins suffer the most while some of them are already back to surging.
Meme crypto segment collapses, loses 12% overnight: Here are worst performers
Today, Jan. 8, 2024, the entire cryptocurrency sphere is in red. Bitcoin (BTC), the largest crypto, plummeted from $102,000 to $95,200, erasing 5.5% of its aggregated market capitalization. The daily volume of Bitcoin (BTC) liquidations exceeded $127 million, 86% longs.
The meme coin segment suffers even more pain as its capitalization fell by $15 billion overnight. In less than 24 hours, Floki Inu (FLOKI) and Bonk (BONK), the two worst performing meme coins, lost about 14% each.
Also Ai16Z (AI16Z), the best performer of the winter holidays, lost 13.9% and almost dipped below the $2 billion capitalization level. The asset is changing hands for $1.82 by press time.
Dogecoin (DOGE) and Shiba Inu (SHIB), the two largest meme coins, are also posting double-digit losses. The SHIB price dropped to $0.00002148, while DOGE is trading at $0.3465 on the largest spot exchanges.
In the large-cap league, U.S. Dollar Tether (USDT) finally replaced XRP as the second-largest altcoin. The Ripple-linked cryptocurrency hit a local bottom at $2.28.
Meet only meme coin that is in green today
As covered by U.Today previously, Bitcoin (BTC) enthusiast Tone Vays announced yesterday that he opened long positions on BTC at the $100,000 level.
Meanwhile, only two altcoins managed to survive the current carnage in green — and a meme coin is on this list. SPX6900 (SPX), the largest "Murad meme coin," is up by 3%. Its price touched $1.44 as the token cemented its position in the top 100.
Fasttoken (FTN) is the second best performer, with 0.5% overnight growth.
The Crypto Fear and Greed Index exited the Extreme Greed Zone and sits at 70/100 today, the lowest since Jan. 2.
Vladislav Sopov
Dan Burgin