The meme coin crash has left top meme coins ranking as crypto’s biggest losers, but is crypto dead, and why is crypto down?
Market turmoil has ripped through the cryptocurrency market this morning after a tumultuous few days for global markets – which have seen the worst day for the S&P500 since the announcement of COVID-19 in 2020 and the worst day on the Taiwanese stock exchange in 59 years.
With stocks in Asia plunging on market open, including a -12.4% drop in Japanese share values as the Nikkei gets hammered, all eyes are on the US market with fear gripping traders globally.
The #KamalaCrash has begun – the Dow, S&P, and NASDAQ open down. CNN Business says Extreme Fear is driving US market. Are people realizing a DEI president is a terrible idea? pic.twitter.com/c3BQ6XVUdL
— Rochelle Brooks (@RochelleDBrooks) August 5, 2024
Many are calling for the worst stock market open in the post-pandemic era, and as it begins to unfold, every DOW stock is in the red; amongst the biggest sell-offs on the market appear to be computer chip manufacturers and fleeting AI bets.
Meme Market Crash: Highest Volatility Crypto Vertical Suffers Worst of Black Swan Downturn
While almost all of the crypto market has been damaged by what some are labelling a ‘black swan event’, no one has been hurt more than huge banks of meme coin holders – who’ve watched the value of their investments plummet over the past 48-hours.
Over the past 24 hours, a jaw-dropping $6.23Bn has been wiped off the total meme coin market cap, with many novice and inexperienced meme coin investors panic-selling their bags – but the worst culprits are likely as ever venture capital funds.
At the heart of the sell-off is Jump Capital, which accelerated selling over the weekend despite low-liquidity in meme coin markets in what has been alleged as a market manipulation event.
Jump have been moving coins relentlessly for at least 22 hours straight
That means they got ppl to work fuckin SHIFTS dumping their books on an illiquid weekend following the worst stock market day in years
This is a conscious decision to inflict the maximum amount of pain https://t.co/5sAHBiczum pic.twitter.com/j8zu4UOD7E
— Wazz (@WazzCrypto) August 4, 2024
This has led to widespread criticism throughout the crypto community, as retail investors have once again been minced by institutional greed.
Yet, with plunge controls amongst market makers better than ever, the impact seems to have been mitigated to some degree.
However, the absolute bloodbath in the market, as seen in the meme coin category on CoinMarketCap, speaks for itself.
Despite the cascading price action over the past 48 hours, there are signs of life as prominent coins begin to post-bounces on the hourly – a trend CryptoNews.com will be keenly covering over the coming days.
But while top coins have witnessed a slaughter in the hen house, the ever-resilient and adaptive crypto community remains focused on the already unfolding recovery—with volume still increasing for highly anticipated projects such as PEPU.
Meme Coin Crash? Pepe Unchained Will Rise From The Ashes Like a Phoenix
Despite carnage for traders worldwide, the age-old saying in crypto: ‘When others are fearful, be greedy’ applies.
And the upcoming launch of Pepe Unchained could just be the play that saves your portfolio as it explodes to over $7.3M raised in a skyrocketing meme coin presale.
This unlikely new upstart is making waves with an ambitious plan to salvage an ecosystem from the tumbling Pepe project.
Don’t fade Pepe ! pic.twitter.com/GLfHxsreYD
— Pepe Unchained (@pepe_unchained) August 4, 2024
At its heart, this involves a visionary and potentially historic ‘unchaining’ of the original Pepe away from the clunky ERC-20 Ethereum token standard to launch a standalone dedicated layer-2 chain.
The idea is to create the ultimate destination for frog coin developers across the space to unleash their croaks on a low-cost, high-speed, meme-fueled blockchain.
In this light, the move toward a layer-2 ecosystem can be seen as mirroring the success of Shiba Inu’s launch of Shibarium – so don’t sleep on this momentous effort.
Buy PEPU Here
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