Most of the currencies on the market have derailed from their respective recovery ranges in recent days. The state of the cryptocurrency market further deteriorated on Tuesday as broader bearish sentiment intensified. As a result, the cumulative cryptocurrency market valuation has dropped to $1.77 trillion after seeing a 5.2% drop in the last 24 hours.
Despite the bloodshed, the major currencies managed to maintain decent social numbers. According to LunarCrush's weekly social engagement statistics, Bitcoin and Ethereum took the top two positions, respectively. Large cap tokens such as Cardano's ADA, Decentraland's MANA, and Polygon's MATIC also appear on the list. A few other not very prominent cryptocurrencies such as Tezos and PancakeSwap also made their presence felt.
What is interesting to note, however, is that 3 of the top 10 coins on the mentioned list belonged to the meme category. Pack leader Dogecoin occupied the third slot [1.02 billion] and was followed by Shiba Inu at number five [364.8 million] and Safemoon at number nine [220.9 million].
How are these coins doing?
SafeMoon was the token that was the fastest to make up for its losses. After visiting as low as $0.001088 during the early hours of Tuesday, SafeMoon V2 is back trading around $0.00123 at press time, thus limiting its 24-hour losses to just 3%. .
SafeMoon V2 price movements || Source: CMC
Dogecoin, on the other hand, was trading around $0.136 to $0.138 the day before. After a drop to $0.1254 and a rapid rise to $0.129, this meme token is down 6.18% in day trading.
Dogecoin price movements || Source: CMC
The Shiba Inu was the most affected among the three currencies as its daily losses increased to 7.75%. At press time, the second largest meme token was seen changing hands below $0.000025.
Shiba Inu price movements || Source: CMC