Meme coin market capitalization declined 5% in the past 24 hours, top five tokens erase between 4% and 14% of their value
- WBOYOriginal
- 2024-08-01 21:56:18870browse
Meme coin market capitalization is down 6% on Thursday as the top three cryptocurrencies, Bitcoin, Ethereum, and XRP, are hit by a correction.
Meme coin market capitalization declined 5% in the past 24 hours, top five tokens erase between 4% and 14% of their value. Dogecoin, Shiba Inu, and PEPE note relatively low activity from traders on the daily timeframe.
Two of the top three meme coins are currently undervalued according to the relevant technical analysis.
SHIB, PEPE vs. Dogecoin price
Selling pressure on meme coins
The IntoTheBlock’s Global In/Out of the Money metric measures the profitability of wallet addresses holding an asset. The data shows that 71.39% of wallet addresses holding Dogecoin are profitable at $0.1205, meaning it is likely that these investors could take profits and increase the selling pressure on the largest meme coin. Higher selling pressure negatively influences the price of an asset.
SHIB
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