"Woke up and 15% evaporated"...Memecore plummets amid Bitcoin's sluggishness

▲ Cryptocurrency decline/ChatGPT generated image

Bitcoin (BTC) turned bearish over the weekend, giving up the $78,000 mark. At the same time, in the altcoin market, Memecore (M), a new project, plunged 15% in a single day, shocking the market.

According to crypto media outlet Cryptopotato on April 25 (local time), Bitcoin's price fell below $78,000 as trading volume sharply decreased over the weekend. It failed to maintain the upward momentum from last week's break above $79,000. As overall market liquidity declined, major altcoins also saw a synchronous downturn. In particular, Memecore, which had recently garnered expectations, plummeted over 15% in a single day, exposing extreme volatility.

Bitcoin's decline is a result of its failure to defend the psychological resistance level of $78,000. On-chain data from Santiment shows that institutional investors' buying interest slowed over the weekend. While the open interest volume remains high, there is insufficient momentum to push prices higher. As individual investors' anxieties spread, disappointed selling has surged. Experts diagnose the current phase as a correction driven by short-term overheating.

Memecore's crash poured cold water over the entire memecoin ecosystem. Memecore had surged shortly after its listing, but profit-taking selling simultaneously intensified its decline. A significant portion of its market capitalization evaporated in a single day, stimulating investor caution. Existing memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also maintaining a slight bearish trend, affected by Memecore's downturn. This is a result of excessive expectations for new projects leading to a sell-off.

The liquidation of tens of millions of dollars in long positions over the weekend accelerated the downturn. As Bitcoin fell below $78,000, a large volume of forced liquidations flooded the market due to fears of further declines. The total market capitalization of the cryptocurrency market also decreased by over 2% in a single day, reflecting dampened investor sentiment. The increase in deposits to exchanges is also a key factor contributing to short-term selling pressure. Investors are closely watching whether Bitcoin can hold the $75,000 support level.

Currently, the cryptocurrency market is searching for direction between consolidation and correction. Bitcoin's price stagnation is further increasing uncertainty in the altcoin market. The volatility over the weekend will critically impact market trends early next week. An investment warning has been issued for high-volatility assets like Memecore. If Bitcoin fails to quickly reclaim the $78,000 mark, there remains a possibility of further downward correction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*