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Bitcoin, Ethereum, and Dogecoin tumbled as the meme coin market plunged over 14%, dragging the broader crypto market down more than 5%.
Bitcoin (BTC) slid 7.4%, Ethereum (ETH) slumped 13.5%, and Dogecoin plummeted 13% in the past 24 hours.
Crypto Fear & Greed Index Hits Lowest Since September
The plunge in the crypto market was accompanied by a sharp drop in investor sentiment, with the Crypto Fear and Greed Index shedding 24 points to enter an “Extreme Fear” reading of 25, the lowest since September last year.
After a sharp rally fired by Donald Trump’s election victory, sentiment has soured following a series of risk-off developments. First, the Federal Reserve spooked markets by turning more cautious on the outlook for interest rate cuts.
That was followed by a meme coin scandal around the Libra meme coin that embroiled Argentine President Javier Milei. Things worsened on Friday when crypto exchange Bybit was hit with a $1.5 billion hack, the industry’s biggest ever.
There’s also renewed concern over the potential impact of tariffs after US President Donald Trump reaffirmed yesterday a plan to impose them on Canada and Mexico when a 30-day pause ends early next month.
“We all thought that Trump would be bullish for the market,” said Cas Abbe on X. ”And here we are, just watching red candles.”
SPX, PENGU And WIF Drop As Meme Coin Market Bleeds
SPX6900 (SPX) suffered the biggest loss in the list of the 10 largest meme coins after its price fell more than 17% to stand at $0.5884 as of 1:12 a.m. EST.
Pudgy Penguins (PENGU) extended its losing streak with a 15% loss, while Solana-based meme coin Dogwifhat (WIF) dropped more than 14%.
JUST IN: Over $110,000,000,000 was wiped out from the crypto market in the past 24 hours. pic.twitter.com/nEC0hdiScJ
— Watcher.Guru (@WatcherGuru) February 24, 2025
Shelter From The Storm
Some investors are turning to presales that are not yet exposed to market forces to shelter from the storm. Among the most popular right now are projects like Solaxy (SOLX), BTC Bull Token (BTCBULL) and MIND of Pepe (MIND)
Solaxy is the first layer-2 scaling solution for Solana, and has raised more than $23.4 million through its presale so far.
BTC Bull Token is a meme coin that’s offering free BTC to token holders when Bitcoin achieves certain price milestones for the first time, while MIND introduces a cutting-edge AI agent that can spot new trends in the crypto market early.
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