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Bitcoin, Ethereum, and Dogecoin tumbled because the meme coin market plunged over 14%, dragging the broader crypto market down greater than 5%.
Bitcoin (BTC) slid 7.4%, Ethereum (ETH) slumped 13.5%, and Dogecoin plummeted 13% up to now 24 hours.
Crypto Concern & Greed Index Hits Lowest Since September
The plunge within the crypto market was accompanied by a pointy drop in investor sentiment, with the Crypto Concern and Greed Index shedding 24 factors to enter an “Excessive Concern” studying of 25, the bottom since September final 12 months.
After a pointy rally fired by Donald Trump’s election victory, sentiment has soured following a collection of risk-off developments. First, the Federal Reserve spooked markets by turning extra cautious on the outlook for rate of interest cuts.
That was adopted by a meme coin scandal across the Libra meme coin that embroiled Argentine President Javier Milei. Issues worsened on Friday when crypto trade Bybit was hit with a $1.5 billion hack, the business’s greatest ever.
There’s additionally renewed concern over the potential impression of tariffs after US President Donald Trump reaffirmed yesterday a plan to impose them on Canada and Mexico when a 30-day pause ends early subsequent month.
“All of us thought that Trump can be bullish for the market,” mentioned Cas Abbe on X. ”And right here we’re, simply watching crimson candles.”
SPX, PENGU And WIF Drop As Meme Coin Market Bleeds
SPX6900 (SPX) suffered the most important loss within the listing of the ten largest meme cash after its worth fell greater than 17% to face at $0.5884 as of 1:12 a.m. EST.
Pudgy Penguins (PENGU) prolonged its shedding streak with a 15% loss, whereas Solana-based meme coin Dogwifhat (WIF) dropped greater than 14%.
JUST IN: Over $110,000,000,000 was worn out from the crypto market up to now 24 hours. pic.twitter.com/nEC0hdiScJ
— Watcher.Guru (@WatcherGuru) February 24, 2025
Shelter From The Storm
Some traders are turning to presales that aren’t but uncovered to market forces to shelter from the storm. Among the many hottest proper now are projects like Solaxy (SOLX), BTC Bull Token (BTCBULL) and MIND of Pepe (MIND)
Solaxy is the primary layer-2 scaling answer for Solana, and has raised greater than $23.4 million by way of its presale thus far.
BTC Bull Token is a meme coin that’s providing free BTC to token holders when Bitcoin achieves sure worth milestones for the primary time, whereas MIND introduces a cutting-edge AI agent that may spot new traits within the crypto market early.
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