Bittime - The total market value of memecoins on Solana and BASE, Coinbase's Ethereum layer-2 solution, experienced a significant drop in the last 24 hours. On Solana, memecoin market capitalization plunged 12%, while on Basis, the decline was 19%.
Quoted from CoinMarketCap, this decline occurred at the same time as a sharp decline in Bitcoin prices, which fell 4.94% in the last 24 hours.
Memecoin Price Fluctuations Following BTC?
Memecoin's plunge when BTC prices weaken is commonplace, according to a crypto analyst. On the other hand, other analysts attribute this downward trend to the ongoing humor trend.
Mati Greenspan, crypto analyst and founder of Quantum Economics, was quoted as saying by Cointelegraph that the memecoin trend is no longer funny.
"It's fitting that the peak occurred on April Fool's Day," Greenspan said.
"Too much value has been invested in memecoin, and it's bound to end. Memecoin can't last forever."
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Solana Memecoin Market Cap Drops 12%
The market value of memecoins on Solana has decreased significantly in the last 24 hours. According to CoinGecko, Solana's memecoin market capitalization reached $8.29 billion, marking a 12% decline from the previous day.
One of the most impacted Solana-based memecoins is dogwifhat (WIF). WIF's market capitalization fell 9% on the day, equating to a loss of $3.9 billion.
Despite this, WIF still accounts for almost half of Solana's total memecoin market share.
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DEGEN Base and Token Market Capitalization Dropped Drastically
Base's market capitalization saw a significant decline of 19% in the last 24 hours, reaching a value of $1.47 billion.
This decline was driven by the plummeting price of the network's new Layer 3 native token called Degen (DEGEN) listed on Base. The DEGEN token experienced a more severe market capitalization decline of 26.14%, and is currently valued at $436.5 million.
Overall, the total crypto market capitalization which represents the value of all assets across the crypto sector also decreased by 6.14% over the last 24 hours. According to CoinMarketCap data, currently the total crypto market capitalization reaches $2.45 trillion.
Also read: XRP Price Prediction: 3 Reasons Why It Could Reach IDR 15,900 in 2024!
What is the expert analysis regarding falling BASE & SOL prices?
Ran Neuner, a Crypto analyst and host of the Crypto Banter podcast, stated in an April 2 post that the memecoin market is approaching saturation point.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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