These Meme Coins Rise as Major Crypto Prices Fall
- Susan G. Hall
- on Aug 20, 2022
Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) failed to recover after a significant drop recorded on Friday. However, the biggest meme pieces showed some strength amid the sell-off.
Will meme coins lead to recovery?
According to the data, the global crypto market registered a drop of more than 1% in the past 24 hours. The cumulative market cap is approximately $1.02 trillion. According coin glassover $200 million has been liquidated in the last 24 hours.
Meanwhile, major meme coins like Dogecoin and Shiba Inu managed to rise as Bitcoin prices struggled. The data shows that the market capitalization of meme coins jumped 3% in the past 24 hours to $17.1 billion.
Shiba Inu prices have jumped more than 4.5% in the past 24 hours. SHIB is trading at an average price of $0.000013, at press time. Its 24-hour trading volume jumped around 4% to $946 million. However, over $1.86 million has been liquidated from Shiba Inus in the past day.
Whalestats reported that the largest ETH whale added over $5.1 million from the dog-themed meme coin. The top 2000 Ethereum wallets now hold $163.6 million worth of Shiba Inu tokens.
The biggest price of the same crypto Dogecoin jumped around 2% in the last 24 hours. DOGE is trading at an average price of $0.070, at press time. Its 24-hour trading volume stands at $619 million. According to the data, approximately $1.86 million was liquidated from Dogecoin in the last 24 hours.
Will the price of BTC go down?
On the other hand, the biggest cryptocurrency prices Bitcoin have fallen around 3% in the past day. BTC is trading at an average price of $21,249, at press time. Its 24-hour trading volume fell 10% to $31.7 billion.
Coingape reported that Bitcoin prices could skyrocket beating the recent FUD in the market. Meanwhile, over $36.6 million has been withdrawn from Bitcoin in the past 24 hours.
However, Ethereum prices have taken a hit, with their prices dropping 5% over the same period. ETH is trading at an average price of $1,632.9, at press time.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.