The cryptocurrency market remains volatile, heavily influenced by broader economic factors. Recent U.S. job growth data exceeded expectations, indicating the economy is coping well with higher interest rates.
This reduces the likelihood of rate cuts, which impacts the flow of money into riskier investments like cryptocurrencies.
A crypto trader has made quite a fortune on meme coins following the decline and rebound of the wider market.
Memecoins price changes. Source: Santiment
The meme coin market cap stands at $57.7 billion, a modest increase of 0.19% in the past 24 hours, with trading volumes slightly above $5.5 billion.
Data from Santiment shows leading assets like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) posted losses, while some tokens saw slight inflows.
Despite the recent downturn, meme coins continue to attract traders looking for quick profits. These recent success stories highlight the potential for significant gains in a volatile market, albeit with considerable risk.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
