The cryptocurrency market experienced a significant contraction, shedding approximately $120 billion in valuation as memecoins suffered steep losses. Major tokens including Dogecoin, Shiba Inu, and Pepe recorded declines of 7.99%, 6.30%, and 9.06% respectively, highlighting heightened volatility in speculative assets.
Bitcoin showed notable resilience despite the broader downturn, holding steady near the $119,000 price level. Technical indicators revealed a daily Relative Strength Index of 60.9 and stable On-Balance Volume, suggesting maintained bullish momentum for the leading cryptocurrency.
Regulatory uncertainties contributed to increased market caution, including ongoing delays in U.S. SEC decisions and concerns regarding exchange stability in India. These factors accelerated sell-offs across high-risk tokens and spurred risk-averse investor behavior.
The global cryptocurrency market capitalization declined from $3.92 trillion to $3.80 trillion within 24 hours. Smaller-cap tokens faced particularly sharp corrections, with Fartcoin plummeting over 17% while competitors Bonk and Floki registered losses exceeding 9% each.