Meme coin market capitalization declined 5% in the past 24 hours, top five tokens erase between 4% and 14% of their value

Meme coin market capitalization is down 6% on Thursday as the top three cryptocurrencies, Bitcoin, Ethereum, and XRP, are hit by a correction.

Meme coin market capitalization declined 5% in the past 24 hours, top five tokens erase between 4% and 14% of their value. Dogecoin, Shiba Inu, and PEPE note relatively low activity from traders on the daily timeframe.

Two of the top three meme coins are currently undervalued according to the relevant technical analysis.

SHIB, PEPE vs. Dogecoin price

Selling pressure on meme coins

The IntoTheBlock’s Global In/Out of the Money metric measures the profitability of wallet addresses holding an asset. The data shows that 71.39% of wallet addresses holding Dogecoin are profitable at $0.1205, meaning it is likely that these investors could take profits and increase the selling pressure on the largest meme coin. Higher selling pressure negatively influences the price of an asset.

SHIB

Source: News Formal (newsformal.com)

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Shiba Inu (SHIB) and Dogecoin (DOGE) Among Top Crypto Laggards as Market Sees Severe Downturn

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Dogecoin, Shiba Inu, PEPE, BONK hit by correction, meme coin market cap down

Meme coin market capitalization is down 6% on Thursday as the top three cryptocurrencies, Bitcoin, Ethereum, and XRP, are hit by a correction.

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Dogecoin and Shiba Inu could extend gains for these three reasons

Dogecoin (DOGE), and Shiba Inu (SHIB) extend their gains on Wednesday as the selling pressure on the meme coins reduced.

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