Memecoin market plunges 18% in the past 24 hours following liquidations from a wide range of financial institutions crypto assets. Volatility in digital assets continues to drive declines as macroeconomic factors make investors cautious about market trends.
Memecoin recorded a sharp outflow of major assets, dropping by up to 17% and causing losses in the market. While losses have largely wiped out monthly gains, some users are seeing light at the end of the tunnel with the upcoming Bitcoin halving.
Meme coin’s low price overshadows past gains
Market leader Dogecoin (doge) down 14.5% in the past 24 hours, pushing weekly outflows to 11.2%. The daily correction places the monthly movement of the asset in the red zone, wiping out previous gains. Shiba Inu (SHIB) is currently down 3.1% and down 14.9%, widening its weekly loss to more than 15% on daily trading volume of $1.2 billion.
PEPE and dogwifhat recorded losses of 23% over the same period, and PEPE's monthly liquidation amount was a whopping 46.1%. This shows a bearish trend in the market, in contrast to the meme coins seen in Q1 2024.
Due to memecoin's poor performance, its daily trading volume has plummeted even as its market capitalization has reached $51.8 billion. Despite these losses, some assets are now up more than 50%, pointing to new capital flows.
Macroeconomic factors Tank market
Catino topped the list of gainers with a 116% jump, while FLIES and Lets Go Brandon posted 61% and 48%, respectively. Bitcoin plummeted to $62,000 following reports of an impending Iranian attack on Israel, and the overall market saw an 8.5% outflow.
Geopolitical tensions are causing investors to withdraw money from risky assets. Another major factor leading to the downward trend is the US tax deadline.according to market commentatorIf your assets experienced huge inflows in the previous year, the weeks before the tax deadline are usually bearish.
The reason for this trend is that investors are paying capital gains recorded in bull markets. Last year saw an influx of money into both stocks and cryptocurrencies, with assets reaching record highs in recent months.
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