In light of recent volatility in GameStop’s stock prices, the leading five memecoins have dipped significantly as the market trends downward.
In Brief
These top five memecoins, together representing a hefty 77% of the meme token market's total worth, have undergone a notable reduction in their valuation.
According to data from CoinMarketCap, the market leaders in the memecoin space have seen steep declines—Dogecoin (DOGE) fell by 2.54%, while Shiba Inu (SHIB) plunged by more than 4.55%. Pepe Additionally, PEPE has dropped by 2.20%, Dogwifhat (WIF) decreased by 1.52%, and FLOKI faced the steepest decline at over 8.18% within the past 24 hours.
This downward trend is closely tied to stock market behaviors, particularly noted with GameStop (GME), which saw its price tumble down 12% as trading wrapped up on Monday, following a 40% dive on Friday. The GME memecoin suffered a staggering drop of over 17% in just one day, pulling other memecoins down with it. memecoins Since late May, GameStop’s shares have displayed considerable volatility, particularly as retail investors and vocal supporters like Keith Gill, recognized as 'The Roaring Kitty,' have re-emerged in the scene—a figure who played a pivotal role during the stock's short-squeeze frenzy back in 2021.
Moreover, the overall dip in memecoins reflects the broader fall in cryptocurrency values today, raising bearish sentiments among investors globally. Bitcoin saw a significant dip, hitting a low of $67K, while Ethereum also tumbled, dropping beneath $3,600. As a result, the cumulative market cap of the cryptocurrency realm shrank by 3.52%, totaling around $2.44 trillion. Interestingly, market activity boomed with a remarkable 48.81% surge in trading volume, reaching $82.47 billion, based on CoinMarketCap statistics.
At the time of writing, Bitcoin trades at about $66,791, showcasing a decrease of 3.85% over the previous 24 hours, with a trading range spanning from $66,763 to $70,146 according to CoinMarketCap.
BTC And ETH Prices Witness Declines
The behavior in the crypto market is closely reflecting cautious trends in stock markets, especially as anticipation builds around the upcoming United States Consumer Price Index (CPI) report and a Federal Reserve meeting poised for this week. Bitcoin Stock futures in the U.S. have shown a slight downturn as investors await the latest CPI inflation statistics and the June FOMC gathering. The Dow Jones Industrial Average futures dropped by 0.38%, while S&P 500 futures decreased by 0.23% during pre-market hours. Concurrently, major indices in Europe and the UK found themselves in negative territory. The FTSE 100 index in London faced a mid-day dip of 60.90 points, landing at 8,167.58. With May payrolls surpassing expectations, investors foresee limited flexibility from the Federal Reserve amidst discussions of potential rate cuts in September.
Ethereum also saw a downturn of 4.16% in the last 24 hours, currently holding at $3,524, with its lowest and highest trading points marked at $3,509 and $3,711, respectively, as per CoinMarketCap data.
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In line with the Trust Project guidelines Alisa, an insightful journalist affiliated with Cryptocurrencylistings, has a focus on cryptocurrency, zero-knowledge proofs, investments, and the broad scope of Web3. With her sharp understanding of emerging trends and technologies, she provides in-depth coverage aimed at informing and engaging her audience amid the continuously evolving digital finance landscape.
