Total crypto market cap plunges 3.5% to $2.26T as meme coin rally fizzles out

The global crypto market cap has dropped to $2.26 trillion as the market has reversed course from yesterday’s surge.

CoinGecko data shows that in the last 24 hours, the global crypto market cap has plunged by 3.5%. The overall crypto market seems to have reversed course, as the coins were exhibiting a positive outlook yesterday.

Bitcoin and Ethereum struggle to maintain momentum

Bitcoin fell from yesterday’s high of $64,400 to as low as $62,000. However, BTC has managed to stabilize and is down by 2%, trading at the $62,300 level.

CoinGecko data shows that Ethereum is no exception, as ETH plunged as low as $2,400 from yesterday’s high of $2,518. ETH is trading at $2,4200 with a 2.3% drop in the last 24 hours.

In comparison to the top 10 altcoins, Dogecoin has lost the highest value of 6%, followed by Solana. SOL have lost close to 4% in the last 24 hours and 9% in the last seven days.

Meme coin pump fizzles out

Meme coins have been on a crazy run in the last few days. Especially in the last 24 hours, the meme coin market cap had surged as much as 8%. However, it has shed almost 2% and stands at $52.5 billion at press time.

Much of the pump was exhibited by meme coins like SPX6900, MOO DENG, POPCAT, etc. An analysis of the top 10 meme coins shows that NEIRO and POPCAT were leading the charge by hitting back-to-back new all time highs.

But the rally seems to have cooled down, as POPCAT has lost over 17% in the last 24 hours. However, NEIRO seems to be holding strong, as it is up by almost 15% in the same timeframe.

Other top meme coins, including Dogecoin, Shiba Inu, PEPE, dogwifhat, BONK and FLOKI, have all lost values in the range of 5%-10%.

Despite the overall bearish market, a few meme coins like SPX, MAGA, NEIOR and TURBO have stood out as the top crypto gainers in the last 24 hours.

The current trajectory of the market looks uncertain as utility drive coins are being dethroned by meme coins. Analysts are even claiming that it’s meme coin season now.