Why is crypto down today? DOGE, SHIB, PEPE plunge but Bitcoin stays calm
Main Idea
The crypto market experienced a $120 billion drop, primarily driven by memecoins like DOGE, SHIB, and PEPE, while Bitcoin remained stable amid regulatory delays and global exchange uncertainties.
Key Points
1. The total crypto market cap fell from $3.92 trillion to $3.80 trillion within 24 hours, with memecoins leading the decline.
2. DOGE dropped 7.99%, SHIB fell 6.30%, and PEPE slid 9.06%, while Bitcoin remained stable with a neutral momentum indicator (RSI at 60.9).
3. Regulatory delays, including the SEC postponing decisions on a Bitcoin ETF and Grayscale’s Solana Trust conversion, contributed to market caution.
4. Reports of Coinbase potentially acquiring CoinDCX after its valuation drop and a $44 million hack added to market uncertainty.
5. Hourly trading volume increased by 0.58% to $316.96 billion, indicating reactive trading rather than new inflows.
Description
A $120B market wipeout led by memecoins, regulatory delays, and global exchange jitters trigger investor caution.
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