Memecoins Crash as Bitcoin (BTC) Falls Below $70,000

Memecoins experienced a significant crash after Bitcoin (BTC) fell below $70,000, signaling a bearish trend for the entire industry.

Memecoins witnessed a notable decline on Wednesday, as Bitcoin (BTC) fell below $70,000 to signal a bearish trend for the industry.

The total memecoins, valued at $63.5 billion, lost 5.9% of its value in the past 24 hours, with a trading volume of $8.69 billion.

Almost every memecoin stayed in the red, with the biggest losers being Mog Coin (MOG), Popcat (POPCAT), Brett (BRETT), and Neiro (NEIRO). Bonk (BONK), dogwifhat (WIF), Dogecoin (DOGE), and Shiba Inu (SHIB) also declined in the past 24 hours.

According to the data from CoinMarketCap, MOG fell 9.96% in the past day and is trading at $0.051927, down 20.88% from its all-time high of $0.052445. However, the cryptocurrency has jumped 28.77% in the past 30 days and is up 2775.73% since October 2023.

BRETT is trading at $0.08884, down 7.55% in the past 24 hours. The altcoin is down 7.55% from its all-time high of $0.1939, reached in June of this year. In the past month, BRETT has risen only 1.81%, but the memecoin has surged 129.67% since October 2023.

POPCAT and NEIRO also experienced losses. POPCAT dropped 8.53% in the past 24 hours and is trading at $1.52. POPCAT is up 56.69% in the past 30 days and has climbed 9290.67% since October of last year. NEIRO fell 10.8% to $0.001498 and is down 22.7% in the past 14 days but is up 49.2% in the last 30 days.

Dogecoin and Shiba Inu Also Decline

DOGE and SHIB, the leading memecoins, fell 7.48% and 6.55%, respectively, and are trading at $0.1584 and $0.00001743. DOGE has gained 13.2% in the past week and is up 46.75% in the last 30 days.

Also read: SHIB Price Analysis: SHIB Eyes Ascending Trendline Breakout After Dumping 20% In Past Week

WIF and BONK dropped 10.42% and 5.81%, respectively, and are trading at $2.31 and $0.00001983. BONK has fallen 19.59% in the past 30 days but is up 2380.46% in the past year, while WIF has soared 1273.85% since October of last year.

The post Memecoins Experience Crash as Bitcoin Falls Below $70,000 appeared first on Coin Edition.

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