Ethereum collapses and drags down memecoins

Ethereum collapses and drags down memecoins
Ethereum collapses and drags down memecoins

IMPORTANT POINTS:

  • Ethereum fell more than 3% in the last 24 hours and loses the key support of $3,000.
  • This follows Grayscale’s confirmation of withdrawing its application with the SEC to launch an ETH futures ETF.
  • Memecoins also suffer with heavy losses: collapsed by almost 7% and Shiba Inu by more than 5%.

It was confirmed on Tuesday that Grayscale surprisingly withdrew its application for an Ethereum futures ETF with the SEC, prompting a hard fall of the altcoin.

At the time of writing this article, Ethereum sank more than 3% to break the key support of $3,000 up and down, as it was trading at $2,990.

According to data from CoinMaketCap, in the last 24 hours more than $24 million in long positions for Ethereum.

Ethereum dragged down memecoins

The so-called memecoins were greatly affected after the fall of ETH. In the last 24 hours, Dogecoin sank almost 7% to $0.14, Shiba Inu 5% to 0.000022 USD, PEPE 7% to 0.0000078 USD, dogwifhat 11.2% to 2.92 USD and Floki 6.4% to 0.000168 USD.

 
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