- Pump.fun leads losses with a 10.38% drop despite high trading volume.
- Established tokens like Filecoin and Zcash also experience significant declines.
- Widespread volatility affects both emerging and well-known cryptocurrencies.
The crypto market has experienced major volatility over the past 24 hours, with several assets recording declines. This downturn, affecting a mix of well-known tokens and emerging projects, displays the uncertainty and fluctuations currently impacting digital currencies.
Among the major losers is Pump.fun (PUMP) that leads the pack, dropping by 10.38% and closing at $0.003431. Despite this decline, the token recorded a large trading volume of $300 million in the crypto market, suggesting continued market interest. Following is Story (IP), which saw a 9.71% drop, bringing its price to $5.49. These declines are indicative of the heightened volatility affecting smaller, newer tokens.
Source: CoinMarketCap
Flare (FLR) also suffered a loss, down by 8.37%, closing at $0.01739. However, it posted a much lower trading volume of just $14.87 million, which may reflect reduced investor confidence compared to its peers.
Well-Known Tokens Experience Declines
Larger, more established cryptocurrencies also experienced price drops. Filecoin (FIL) saw a 6.77% decrease, falling to $1.49, with a trading volume of $171 million. Similarly, Zcash (ZEC) recorded a 6.78% decline, now priced at $217.52. These losses underscore the broader market pressure felt by digital assets, even among top-tier players.
Morpho (MORPHO) and Bittensor (TAO) also experienced declines, with losses of 7.43% and 7.08%, respectively. Despite these drops, Bittensor recorded an impressive $479 million in trading volume, pointing to sustained investor interest in the asset even amid price declines.
Other Notable Declines in the Crypto Market
Other assets in the crypto market, as highlighted in our previous report, experiencing big drops include Artificial Superintelligence (FET), down by 6.70%, and DoubleZero (ZZ), which fell by 6.65%. Mantle (MNT) also recorded a 6.64% loss, further highlighting the widespread nature of the market downturn.
Optimism (OP) and SPX6900 (SPX) rounded out the top losers, with declines of 6.41% and 6.39%, respectively. These widespread losses across various tokens demonstrate the extent of the market’s volatility.
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About the Author: Peter Mwangi
