According to Cointribune, the crypto market is undergoing a violent correction, with speculative assets like memecoins and NFTs experiencing significant declines. Memecoins lost over $5 billion in 24 hours, bringing their total capitalization to $39.4 billion, a 66.2% drop from the January 5 peak. NFTs also hit a new low, with their market cap falling to $2.78 billion on November 21, a 43% decline in a month. The overall crypto market capitalization dropped $800 billion in three weeks, from $3.77 trillion to $2.96 trillion. Top memecoins such as Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all recorded double-digit losses, while major NFT collections like Hyperliquid’s Hypurr and Moonbirds also saw sharp declines. The correction reflects a broader flight to safety, with investors abandoning high-risk assets amid increased market volatility.
Crypto Market Faces Sharp Correction, Memecoins and NFTs Plummet
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