The cryptocurrency market experienced a significant downturn with over $1.5 billion worth of liquidations, leading to a drop in Bitcoin's price to below $95,000. In this scenario, memecoins were severely affected, experiencing a major sell-off that saw the market capitalization decrease from $137 billion to $116 billion.
Despite the overall market slump, certain memecoins like Pepe and Dogecoin demonstrated durability, reflecting a semblance of strength amidst the turmoil. Their ability to uphold value amidst a market crash has investors pondering if other tokens can similarly recover and display resilience.
The doubling of trading volume for these memecoins indicates a surge in panic selling, as market participants scrambled for safety amid the plummeting prices. This trend raises questions about the prospects of recovery and whether other tokens can mirror the resilience shown by Pepe and Dogecoin.
