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Solana-Based Dogwifhat and Dogecoin Pare Gains as Bitcoin Struggles to Recover $64,000
Alex Dovbnja
Meme coins are among the biggest laggards in the last 24 hours
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According to CoinGecko, some major meme coins have trimmed their gains, struggling to maintain their momentum data.
As of this writing, Dogecoin (DOGE) is the only major cryptocurrency in the red, up more than 1.5% in the past 24 hours.
Shiba Inu (SHIB) is also in the red, losing 3% in the last 24 hours.
Dogwifhat, a Solana-based startup, is down more than 3% despite previously posting a double-digit gain.
Bonk, another Solana-based cryptocurrency, is the worst performer among major altcoins, losing more than 8%.
Greed returns to the market
According to the “Fear and Greed” index, the market is once again dominated by greed.
However, this excitement may be premature as Bitcoin is still struggling to break above the $64,000 level.
The significant shift in sentiment comes after the leading cryptocurrency succumbed to “fear” following a massive drop to the $56,000 level last week.
Best performers
With Bitcoin in consolidation mode, other major cryptocurrencies are also struggling to post significant gains.
However, there are still some outliers. Monero (XM) and Avalanche (AVAX) are both up almost 3%.
Algorand (ALDO) and NEAR Protocol (NEAR) are also in the green despite being named unregistered stocks in the recent class action lawsuit against Coinbase.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.