Base, SOL Memecoin Market Cap Plummet
In the last 24 hours, the total market capitalizations of memecoins on Solana and Coinbase’s Ethereum layer-2 Base have fallen by 12% and 19% respectively.
This sell-off coincided with a sharp decline in Bitcoin’s price, falling 4.94% in the same period. Crypto analyst Mati Greenspan, founder of Quantum Economics, believes that memecoins are experiencing fluctuations beyond critical key price points, while Bitcoin is finding strong support levels.
Solana’s memecoin market cap is $8.29 billion, with dogwifhat (WIF) losing $3.9 billion. Base’s total market cap dropped 19% to $1.47 billion, with DEGEN, the native token of a new Layer 3 network, experiencing the most significant drop, reaching $436.5 million. The total crypto market cap has also taken a 6.14% hit, currently standing at $2.45 trillion.
(With inputs from Shikha Singh)
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