The crypto market is turning red today. Bitcoin (BTC) is losing about 4.5%, but the biggest blows are to memecoins. Various tokens from this speculative segment are losing more than twenty percent.
Memecoins are diving deep into the red
SPX6900 (SPX) is currently the biggest loser in the crypto market. That is striking, because the memecoin has been on a strong rise in recent weeks. The day before yesterday, the project reached an all-time high of 1.74 dollars. Compared to the low on June 6, when the price was $1.04, that meant a 62.5% increase in just one week.
On a monthly basis, the increase was even more spectacular: from a price of around $0.65, SPX managed to more than double its value. But after such an explosive rise, a correction is almost inevitable…