Meme Coins Shiba Inu, Dogecoin Prices Surges Amid Major Sell Off

Major Cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) failed to recover after a major drop registered on Friday. However, the biggest meme coins showed some strength amid the wide sell off.

Will meme coins lead to recovery?

According to the data, the global crypto market recorded a drop of over 1% in the past 24 hours. The cumulative market cap stands at around $1.02 trillion. As per coinglass, more than $200 million has been liquidated over the past 24 hours.

Meanwhile, major meme coins like Dogecoin and Shiba Inu have managed to surge as Bitcoin prices struggled. Data depicts that meme coins’ market cap jumped by 3% in the last 24 hours to stand at $17.1 billion.

Shiba Inu prices jumped by over 4.5% in the last 24 hours. SHIB is trading at an average price of $0.000013, at the press time. Its 24 hour trading volume has jumped by around 4% to stand at $946 million. However, more than $1.86 million has been liquidated from the Shiba Inu over the past day.

Whalestats reported that the biggest of the ETH whales added more than $5.1 million worth of the dog theme meme coin. Top 2000 Ethereum wallets are now holding $163.6 million worth of Shiba Inu tokens.

The largest meme crypto Dogecoin price surged by around 2% over the past 24 hours. DOGE is trading at an average price of $0.070, at the press time. Its 24 hour trading volume stands at $619 million. As per the data, around $1.86 million has been liquidated from Dogecoin in the past 24 hours.

Will BTC price drop ahead?

On the other hand, the largest cryptocurrency Bitcoin prices dropped by around 3% over the past day. BTC is trading at an average price of $21,249, at the press time. Its 24 hour trading volume dropped by 10% to stand at $31.7 billion.

Coingape reported that Bitcoin prices might surge ahead beating the recent FUD in the market. Meanwhile, more than $36.6 million have been cashed out from Bitcoin over the past 24 hours.

However, Ethereum prices took a major hit as their prices dropped by 5% over the same period. ETH is trading at an average price of $1,632.9, at the press time.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.