Oct 9, 2023: The cryptocurrency market experienced a dip in value on Monday, largely due to Bitcoin’s inability to surpass the $28,300 mark. This stagnation has been attributed to profit-taking behaviors and concerns surrounding Federal Reserve policies. The impact has been felt across various meme coins including DOGE, SHIB, FLOKI, and PEPE Coin, which are listed on the Binance exchange platform.
Despite the overall market downturn, DOGE has managed to maintain its dominance with a market capitalization of $8.6 billion and a trading volume of $92 million. It has successfully held its critical support level at $0.06, demonstrating a certain resilience amidst the fluctuating market conditions.
On the other hand, FLOKI has seen a downward trend since its listing on Binance, reaching a low point in September of $0.00001525. This represents a significant downturn for the coin, which had previously shown promising growth potential.
SHIB’s price has also been affected by these market conditions, though it seems to have stabilized within a narrow range over the past month. The coin’s value hasn’t seen significant jumps or drops but remains confined within this range, reflecting the uncertain climate within the broader cryptocurrency market.
This recent market activity underscores the interconnected nature of cryptocurrencies and the influence of major players like Bitcoin on smaller, meme-based coins. The impact of Federal Reserve policies on investor sentiment also plays a crucial role in these dynamics, as demonstrated by the recent market dip following apprehensions about potential changes in these policies.
Source Courtesy: Investing.com