While Major Crypto Prices Decline, Some Meme Coins See An Increase In Value

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Last Updated on August 20, 2022 by Bitfinsider

After a significant decline on Friday, popular cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) were unable to recover. Despite the widespread sell off, the largest meme coins displayed some power.

The numbers show that nearly 1% of the global cryptocurrency market fell in the last 24 hours. The total market value is currently around $1.02 trillion. Over the last 24 hours, more over $200 million has been liquidated, according to coinglass.

While Bitcoin values struggled, popular meme coins like Dogecoin and Shiba Inu managed to rise. According to data, the market capitalization of meme currencies increased by 3% over the past day to reach $17.1 billion.

An increase of 4.5% were seen in Shiba Inus price in the previous day. As of the time of publication, SHIB is trading at an average price of $0.000013. Its $946 million 24-hour trading volume has increased by almost 4%. However, over the previous day, the Shiba Inu has had more than $1.86 million liquidated.

According to Whalestats, the largest ETH whales added dog-themed meme coins valued at more than $5.1 million. Shiba Inu tokens are currently valued at $163.6 million and are held by the top 2000 Ethereum wallets.

Over the last 24 hours, the price of Dogecoin, the biggest meme cryptocurrency, increased by about 2%. At the time of publication, DOGE was trading at an average price of $0.070. $619 million is the total volume of its 24 hour trade. According to the data, Dogecoin has been liquidated for over $1.86 million during the last day.

Will the price of BTC decline further?

On the other hand, the price of Bitcoin, the biggest cryptocurrency, fell over the past day by about 3%. At the time of publication, the average price of BTC is $21,249. Its $31.7 billion 24-hour trade volume decreased by 10%.

According to Coingape, Bitcoin prices may rise above the recent market FUD. Over the last 24 hours, Bitcoin has been used to withdraw more than $36.6 million.

However, Ethereum values suffered greatly as they fell by 5% during the same time frame. At the time of publication, the average price of ETH is $1,632.9.


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  1. The Intelligent Investor by Benjamin Graham
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  3. The Basics of Bitcoins and Blockchains: An Introduction to Cryptocurrencies and the Technology That Powers Them by Antony Lewis

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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