Why is crypto down today? DOGE, SHIB, PEPE plunge but Bitcoin stays calm
Key takeaways
The crypto market noticed a pointy $120 billion drop in market cap, led by heavy losses in high memecoins like DOGE, SHIB, and PEPE. Bitcoin remained steady close to $119K.
Crypto markets are within the purple right this moment, with high memecoins main a broader sell-off that has wiped over $120 billion from the worldwide market cap.
From regulatory roadblocks within the U.S. to brewing uncertainty in India’s alternate ecosystem, cautiousness has made the market take a dive.
Market-wide dip wipes out $120B
As of press time, the total crypto market cap fell from a excessive of $3.92 trillion to a low of $3.80 trillion inside a 24-hour window, fueling a pointy $120 billion decline.
Supply: TradingView
Whereas the market confirmed indicators of restoration across the $3.85 trillion degree, total momentum remained fragile.
Hourly quantity climbed to $316.96 billion, up 0.58%, indicating reactive buying and selling habits fairly than recent inflows.
Memecoins bleed whereas Bitcoin sleeps
High memecoins have shed blood.
Dogecoin [DOGE] fell 7.99%, Shiba Inu [SHIB] dropped 6.30%, and Pepe [PEPE] slid 9.06% over the past 24 hours.
Supply: Coinmarketcap
In the meantime, Bonk [BONK] and Floki [FLOKI] posted related losses of over 9%, whereas dogwifhat [WIF] plunged 10.91%.
Highlighting the volatility in lower-cap tokens, the sharpest decline got here from Fartcoin [FARTCOIN], which crashed 17.52%.
Even Trump-themed and meme-narrative property like Official Trump [TRUMP] and SPX6900 [SPX] weren’t spared.
Supply: TradingView
Bitcoin [BTC], nonetheless, remained comparatively steady. At press time, it hovered close to $119,000, with its day by day RSI at 60.9; suggesting impartial momentum. The OBV confirmed no vital uptick, reinforcing a sideways pattern.
BTC’s consolidation proved that it was not the first driver of the newest volatility, as merchants as an alternative dumped riskier meme property.
Headlines weigh heavy
The broader market dip could have been influenced by numerous elements.
The U.S. SEC postponed its choices on each the Reality Social Bitcoin ETF (now due by September 18) and Grayscale’s Solana Belief conversion (October 10), inflicting continued uncertainty.
In the meantime, in India, stories of Coinbase exploring a possible acquisition of CoinDCX surfaced after the latter’s valuation plunged from $2.2 billion to underneath $1 billion, following a $44 million hack.
Whereas CoinDCX has stabilized, the information could have amplified marketwide warning and sell-side stress.
