Why is crypto down today? DOGE, SHIB, PEPE plunge but Bitcoin stays calm

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.