The SEC’s recent crackdown on significant cryptocurrencies in the U.S. has caused altcoins to enter another severe recession period. The section of meme coins continues to lose capitalisation. Some of its representatives did, however, succeed in entering the green zone today.
After painful drop, FLOKI is back to green zone
The only meme currency in the top 10 to have already begun to rise following a recent decline is FLOKI. The FLOKI price printed a green daily candle over the past 24 hours while all of its rivals saw value decline.
According to statistics from CoinGecko, the sector as a whole keeps losing capitalisation. Its net market worth dropped below $13.7 billion during the past day, losing 2.4%.
The price of FLOKI, the fourth participant in this market by market capitalization, has increased by 1.4% over the previous day. Its market capitalization surpassed the $215 million threshold.
Additionally, it moves up to the fifth-most traded meme currency with trading volume of almost $10 million over the last 24 hours. All of its rivals, including SHIB and DOGE, are losing money as a result of a 0.5%–1% decline in their market capitalisation.
Only small-cap meme coins with capitalizations of $13–$15 million were able to increase in value over the past 24 hours outside of the elite league.
Cardano’s (ADA) SNEK does not care about downtrend
Meme coins suffered greatly from the continuing collapse of the altcoin market. In the past week, several of them lost more than 30% of their value.
The U.S. SEC sued Binance.US and Coinbase for selling unregistered assets to Americans, as previously reported by U.Today. All of the biggest cryptocurrencies, such as Cardano (ADA), Polygon (MATIC), and Solana (SOL), are referenced in both lawsuits.
The largest meme coin in the Cardano (ADA) ecosystem, SNEK, appears to be unscathed by the current crash, nevertheless. Its price has nearly quadrupled during the past two days. SNEK increased by 37% in the last day, and that alone sent it to the top gainers list on cryptocurrency monitors.
