Meme Coins Lead Crypto Market Decline as Whales Exit 🚨
The cryptocurrency market experienced a significant pullback over the past 24 hours, with meme coins bearing the brunt of the downturn.
As reported by CoinGecko, the overall crypto market cap shrank by over 15%, dropping to $3.42 trillion on January 8. Meme coins saw a notable hit, with their combined market cap declining by over 12% to $113.32 billion, driven largely by whale sell-offs.
Meme Coins Hit Hard
Meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) were among the hardest hit in the market turbulence.
DOGE: Trading at $0.33, down 8.5% in the past 24 hours.SHIB: Fell over 7% during the same period.
This sell-off follows broader losses in leading cryptocurrencies, including Bitcoin and Ethereum, amplifying the overall market decline.
Market watchers point to whale activity as a key driver behind the sell-offs, with large holders exiting their positions and triggering significant downward pressure.
📉 With meme coins often regarded as high-risk assets, their volatility appears to have been exacerbated in this latest market downturn.
