Major crypto-currencies such as Bitcoin and Ethereum failed to recover after a significant drop recorded on Friday. However, the biggest meme currencies have shown some strength in the midst of this crisis.
Will meme currencies enable a recovery?
According to data, the crypto market has seen a drop of over 1% in the last 24 hours. The cumulative market capitalization stands at about $1.02 trillion. According to coinglass, more than $200 million has been liquidated in the last 24 hours.
Meanwhile, major meme currencies like Dogecoin and Shiba Inu managed to soar while Bitcoin prices were struggling. The data shows that the market capitalization of meme currencies has increased by 3 percent in the last 24 hours to $17.1 billion.
The price of Shiba Inu has jumped more than 4.5 percent in the past 24 hours. SHIB is trading at an average price of $0.000013. Its 24-hour trading volume jumped about 4% to $946 million. However, over $1.86 million has been liquidated from Shiba Inu in the last day.
Whalestats reports that the largest ETH whale added more than $5.1 million worth of Shiba Inu. The top 2,000 Ethereum wallets now hold $163.6 million in Shiba Inu tokens.
The price of the leading crypto meme Dogecoin has jumped about 2% in the past 24 hours. DOGE is trading at an average price of $0.070. Its 24-hour trading volume is $619 million. According to the data, about $1.86 million was liquidated from Dogecoin in the last 24 hours.
Will the price of BTC go down?
On the other hand the price of bitcoin, has fallen by about 3% over the past day. BTC is trading at an average price of $21,249. Its 24-hour trading volume dropped 10% to $31.7 billion, more than $36.6 million was cashed in Bitcoin in the last 24 hours.
However, Ethereum prices have taken a major hit, with their prices dropping 5% over the same period. ETH is trading at an average price of $1,632.9, as of press time.