Panic Selling Hits Meme Coins While Mysterious Pepe Alternative Raises $7.2 Million
The meme coin crash has left top meme coins ranking as crypto’s biggest losers, but is crypto dead, and why is crypto down?
Market turmoil has ripped through the cryptocurrency market this morning after a tumultuous few days for global markets – which have seen the worst day for the S&P500 since the announcement of COVID-19 in 2020 and the worst day on the Taiwanese stock exchange in 59 years.
With stocks in Asia plunging on market open, including a -12.4% drop in Japanese share values as the Nikkei gets hammered, all eyes are on the US market with fear gripping traders globally.
The #KamalaCrash has begun – the Dow, S&P, and NASDAQ open down. CNN Business says Extreme Fear is driving US market. Are people realizing a DEI president is a terrible idea? pic.twitter.com/c3BQ6XVUdL
— Rochelle Brooks (@RochelleDBrooks) August 5, 2024
Many are calling for the worst stock market open in the post-pandemic era, and as it begins to unfold, every DOW stock is in the red; amongst the biggest sell-offs on the market appear to be computer chip manufacturers and fleeting AI bets.
While almost all of the crypto market has been damaged by what some are labelling a ‘black swan event’, no one has been hurt more than huge banks of meme coin holders – who’ve watched the value of their investments plummet over the past 48-hours.
Over the past 24 hours, a jaw-dropping $6.23Bn has been wiped off the total meme coin market cap, with many novice and inexperienced meme coin investors panic-selling their bags – but the worst culprits are likely as ever venture capital funds.
At the heart of the sell-off is Jump Capital, which accelerated selling over the weekend despite low-liquidity in meme coin markets in what has been alleged as a market manipulation
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