How the MemeCore Crypto Crashed 71% This Week
What happens when a thinly traded crypto with concentrated ownership hits a rough patch? MemeCore investors found out the hard way this week.
Overview
The MemeCore (CRYPTO: M) cryptocurrency plunged this week, according to data from S&P Global Market Intelligence. From last Friday's market close to 11 a.m. ET on June 26, the meme coin platform lost 70.8% of its total market value. After the plunge, MemeCore's market cap stands at $1.1 billion.
The price fell from $3 to $0.50 per token between 8:30 p.m. ET and 9:00 p.m. ET on Wednesday evening, highlighting the risks of thinly traded assets with limited liquidity.
Details
Crypto analysts called MemeCore a risky cryptocurrency before this sudden crash.
Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.