CoinDesk reports:
Today, the meme coin sector fell, with major participants such as Dogecoin and Shiba Inu Coin dropping by over 3%. It is worth noting that this decline occurred against the backdrop of an overall downturn in the cryptocurrency market, sparking discussions about potential reasons behind the drop.
In addition, the sudden decline following the uptrend on June 26th of Dogecoin and Shiba Inu also led to speculation in the market.
Why did the price of Dogecoin fall?
Looking at the broader market conditions, market participants seem to be holding back before further betting on the digital asset sector. Additionally, given the high volatility of the broader cryptocurrency market (not to mention the meme coin sector), investors may seek more clarity before betting on Dogecoin.
It is worth noting that recent tough statements from Fed officials on the policy rate plan also seem to have dampened market sentiment, with officials pointing out that considering a rate cut in 2024 is premature, triggering market concerns.
At the time of writing this article, the price of Dogecoin fell by 3.23%, trading at $0.1223. Its trading volume also dropped by 30% to $4.8951 billion, with its highest price reaching $0.126. On the other hand, CoinGlass data shows that open interest in Dogecoin plummeted by 2.41% to $603.19 million, indicating waning interest in leading meme coins from the market.
Shiba Inu Coin Retreats
As discussed with Dogecoin, broader market trends may also have affected the trend of Shiba Inu Coin today. However, there are some other factors that may have affected the price of SHIB today.
In particular, Binance announced the delisting of TUSD pairs for tokens such as Shiba Inu, attracting investors’ attention. Typically, announcements from major cryptocurrency exchanges like Binance often have a two-way impact on cryptocurrency prices.
From the context, the burning mechanism helps to reduce the total supply, thereby helping to increase the price of the cryptocurrency.
At the time of writing this article, Shiba Inu was trading at $0.00001717, down by 3.13% from yesterday, with trading volume dropping by 37% to $19.365 billion. In the past 24 hours, the highest price of this meme coin was $0.00001772, and the lowest price was $0.00001705. In addition, open interest in Shiba Inu plummeted by 8.25% to $3.273 million, similar to the situation with Dogecoin.
3 potential huge meme coins are about to soar 20 times!
JTO
Recently, this token has become the leading DeFi protocol on the Solana network, with a total locked value (TVL) of over $1 billion at the end of this week. This significant growth has led to a substantial increase in the price of Jito tokens, which rose by 8.5% this week.
The current price of this token is $2.48, up by 1.89% in the past 7 days, and up by 8.12% in the past 24 hours. In addition, this token shows strong liquidity, as seen from its considerable market value. Market sentiment regarding the future price of Jito remains optimistic, with a Fear & Greed Index score of 68 (greed).
OP
Optimism (OP) is a project focused on expanding the Ethereum blockchain. Here is an overview of the features provided by Optimism: as a second-layer blockchain on Ethereum, Optimism is a second-layer scaling solution built on top of the Ethereum blockchain. It facilitates faster and cheaper transactions compared to the Ethereum mainnet, and optimism achieves this by using a technique called “optimistic rollup”.
WLD
The WLD token is the native cryptocurrency of the Worldcoin project, an innovative project aimed at solving global economic inequality through decentralized technology and biometric identity verification. The WLD token plays an important role in this ecosystem, primarily used to incentivize and reward users, driving inclusive finance globally.
