Global crypto market stabilizes as Solana meme coins bleed

2 Min Read

The crypto market witnessed a day of blended fortunes as the worldwide market cap climbed again to $1.7 trillion, signaling a stabilization after a 3% drop yesterday. 

Notably, Bitcoin surged to $43,600, marking its highest level since final week, regardless of a mere 6% improve in buying and selling quantity over the previous 24 hours. In distinction, Solana (SOL) skilled a notable decline, shedding practically 5% of its worth in the present day. 

The market additionally noticed important volatility in XRP, which plummeted to $0.49, its lowest in a month. This drop was primarily attributed to speculations round a $113 million breach affecting Ripple. Nevertheless, XRP rebounded following affirmation from Ripple Co-Founder Chris Larsen that the breach was restricted to his private XRP wallets.

The meme coin market confronted a major downturn, with the market cap falling by 2%. Solana-based meme cash resembling BONK and dogwifhat (WIF) skilled over 6% losses. PEPE additionally dipped by over 10%, whereas Shiba Inu and Dogecoin confirmed some resilience to the market dip.

Solana meme coins
All Solana-based meme cash in crimson on January thirty first | Supply: CoinGecko

A peculiar correlation appears to be rising between the broader crypto market and the meme coin sector. Whereas the crypto market skilled a decline yesterday, the meme coin market was notably up. Immediately, the pattern reversed, with the worldwide market stabilizing and meme cash dealing with a downturn.

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