- The crypto market including the Memecoin experienced a major sell-off on January 3rd following false rumours about the SEC rejecting Bitcoin ETF applications.
- The sell-off wiped out over $600 million from the market in just four hours, with Bitcoin and Ethereum dropping nearly 10%.
- The memecoin sector was hit the hardest, with Bonk plummeting 66% to a new low of $0.00000997.
- Dogecoin and Shiba Inu also suffered significant losses, dropping 10% and 8% respectively.
The crypto market entered a massive sell-off over the last day, after (false) reports that the SEC may reject the current spot Bitcoin ETF applications from BlackRock and nearly a dozen other companies.
The news triggered a wave of liquidation, wiping out more than $600 million from the market in just four hours, according to Coinglass.
Bitcoin and Ethereum both dropped by nearly 10%. over the last day, and are still nursing their wounds.
However, the most affected niche of the crypto market was the memecoin sector.
According to Coinranking, the memecoin market is currently down by about 12%, and things aren’t looking good.
Memecoin BONK Plummets to New Lows
Out of all the main memecoins today, Bonk, the most recent to gain popularity, was the most badly beaten by its bears.
When the crypto market’s decline hit, BONK slumped by nearly 40% and hit a new low of $0.00000997.
This is a long way from its $0.0068 all-time high, which it reached less than three weeks ago. As it stands, BONK is now down by nearly 70% from its all-time high, leading some analysts to reiterate warnings for investors to stay away from BONK.
Dogecoin Also Takes a Hit
Dogecoin also suffered a significant loss today, according to all major charting platforms.
Dogecoin, according to CoinMarketCap, is down by nearly 10% over the last day at the time of writing.
According to data from TradingView, Dogecoin dropped from $0.090 to $0.0819 in a matter of minutes.
This has caused an accelerated decline from the $0.1 zone, leading to a possible outlook where Dogecoin falls more rapidly, and hits $0.053.
The token has since recovered slightly but is still down by 9% on the day.
Shiba Inu Wasn’t Left Out
Shiba Inu, as well, declined by as much as 8% over the last day, which makes it no better than Dogecoin or BONK.
According to the charts, Shiba Inu was on the verge of a breakout from $0.00001177 around mid-December last year.
The memecoin was rejected from this zone shortly after and was in a consolidation between $0.00001177 and $0.00001015.
However, any chances of a breakout from here have just been dashed by the current slump. Shiba Inu currently trades at $0.00000961 and will continue to go further down if the bulls fail to take action soon.
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