As the leading cryptocurrency, Bitcoin wields a substantial influence over the performance of the entire crypto market. The broad market faces the repercussions of its decline, which is reflected in other cryptocurrencies and led to a temporary market crash.
For example, today’s meme coin market has seen a significant decline of more than 8%, with a value of $45 billion in the past 24 hours. Moreover, the trading volume has surged by 45% to $6.2 billion, indicating heightened volatility in the crypto market today as the selling pressure dominates.
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However, despite the current downtrend, we have observed several memecoins that have showcased resilience and performed during today’s market dip. Pepecoin, Shina Inu, and Garlicoin have shown strength in coping with the current situation in the crypto market, yielding impressive gains.
Pepecoin (PEPECOIN)
Over the past week and month, PEPECOIN has been trading in a descending channel, recording declines of 30% and 12%, respectively. However, today, despite the broad market dip, the memecoin has shown resilience, and the bulls have been in the lead, elevating the memecoin above the $3.0 key level to trade at $3.20.
The bullish sentiment has dominated as the market cap and the trading volume followed the same path. The market cap has surged by over 2% to $370 million, while the trading volume recorded a significant surge of 19% to $3.45 million, suggesting increased market activity in PEPECOIN’s market.
Moreover, data from Etherscan has noted a new investor (0xA53E3) who purchased 3,110 pepecoins after swapping with 2.91 ETH worth $10,000.68. At that time, PEPECOIN was trading at $3.2154 with a market cap of $430.1M.
🐸🐸 NEW PEPECOIN WHALE BUY! 🐸🐸
3,110 pepeCoin
2.91 $ETH ($10,000.68)
Buyer: 0xA53E3 (New!)
Price: $3.2154
MC: $430.1M#Pepecoin $PEPEhttps://t.co/xE2eG76jLV— pepeCoin Whale Bot (@pepe_whalebot) June 18, 2024
Garlicoin (GRLC)
Garlicoin, a memecoin-baked cryptocurrency born from the shitposts of Reddit, has been trading on a bullish note today. GRLC’s recent journey has been slumpy since depegging from $0.018 in mid-May. GRLC formed a descending channel, declining to seek support below the $0.010 key level.
However, today, GRLC has seen a steady rise, touching a daily high of $0.0105 before correcting to the current price at $0.0103, recording an increase of more than 4% in the past 24 hours. The market capitalization is at $707K, while the trading volume has significantly declined by more than 70%.
Shina Inu (SHI)
Shina Inu is another memecoin of a role caster today, surging by more than 3% in the past 24 hours amid the market’s bearish winds. SHI has held strong above the $0.0000006800 immediate support, helping the memecoin correct from the weekly chart’s downtrend.
On the monthly chart, SHI has shown an impressive surge, gaining almost 25% and achieving a monthly high of $0.00000128. SHI’s market cap and trading volume are $8.8 million and $401 million, respectively.
🎀 Daily $SHI update! (06/17/24) 🎀
💰 Price: $0.000000716858
💎 MC: $10.11M
🤲 Holders: 8480
💦 LP: $2.24M
🔥 Burns: 29.83%
📊 Vol: $346.61K
📈 24h Chg: -1.84%
🚀 ATH MC: $50.46MAdd @MonarkToolsBot in TG Groups to use this free 🤖
Data: @CoinGecko@ShinaToken pic.twitter.com/Bdv4fsyQD5
— Shina Tools 🎀🤖 (@ShinaTools) June 17, 2024
Factors Behind Broad Market Fall
As Crypto2Community reported today, the cryptocurrency market witnessed a significant downturn. This occurred because miner revenues plummeted by 55%, compelling them to increase their Bitcoin sales. This surge in supply pressured Bitcoin, pushing the price downward. Moreover, there was a noticeable reduction in the issuance of major stablecoins, such as USDT and USDC, which traditionally help stabilize market liquidity. Consequently, the market grappled with increased price volatility.
Additionally, the crypto landscape felt the effects of substantial outflows from major Exchange-Traded Funds (ETFs). These withdrawals contributed to the growing selling pressure, further destabilizing the market atmosphere. Hence, investors experienced a challenging environment, marked by a blend of increased supply from miners and shrinking liquidity due to fewer stablecoins.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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