• Bitcoin experienced a sharp decline on Monday, dropping from $100,000 in the morning to below $95,000 by late afternoon
• This dip caused significant ripples across the crypto market, with over $800 million in liquidations occurring in under an hour
• Bitcoin’s rollercoaster ride continues after falling below the key $95,000 level
Bitcoin experienced a sharp decline on Monday, dropping from $100,000 in the morning to below $95,000 by late afternoon. This dip caused significant ripples across the crypto market, with over $800 million in liquidations occurring in under an hour.
Bitcoin’s Rollercoaster Ride
After falling below $95,000 during Monday’s sell-off, Bitcoin has since regained ground, trading at $97,376 as of this writing. The cryptocurrency is now down just 1.3% over the past day, showing resilience despite the turbulence.
Meme Coins Take a Hard Hit
Meme coins bore the brunt of the market sell-off, with the category as a whole declining by more than 15% in the past 24 hours, according to CoinGecko data.
- Dogecoin (DOGE): The largest meme coin by market cap is down 10% in the last 24 hours, currently priced at $0.393. After dipping below $0.39 late Monday, Dogecoin has shown a modest recovery but remains 3% lower on the week. It has fallen sharply from its three-year high of $0.48, reached over the weekend.
- Shiba Inu (SHIB): Down 12% to $0.000026, SHIB has been hit hard alongside other high-value meme coins.
- Dogwifhat (WIF): WIF saw an 18% drop, now priced at $2.88.
- Bonk (BONK): BONK fell 16% to $0.000037.
- Floki (FLOKI): FLOKI slipped 15% to $0.00023.
- Pepe (PEPE): Among the top meme coins, PEPE showed relative strength, dipping just over 7% to $0.000025.
Broader Market Impacts
Beyond Bitcoin, other major cryptocurrencies also faced declines:
- Ethereum (ETH): Down nearly 6% over the past day.
- Solana (SOL): Also down by nearly 6%.
- XRP: Despite its recent surge, XRP has fallen nearly 11% in the last 24 hours.
- Cardano (ADA): Cardano recorded an 11% drop during the same period.
Jupiter’s Revised Airdrop Plan on Solana
In a separate development, Solana’s decentralized exchange aggregator, Jupiter, received approval from its DAO to proceed with a revised token airdrop plan. The updated proposal, set to distribute JUP tokens in January 2025 and 2026, secured over 87% support from token holders after a prior $1.7 billion distribution attempt failed.
While Bitcoin has begun to recover from its dramatic drop, the broader crypto market remains under pressure, particularly among meme coins. As major cryptocurrencies navigate this volatile period, developments like Jupiter’s airdrop proposal highlight ongoing activity and innovation within the DeFi space.
