Bitcoin, Ethereum, and Dogecoin Tumbled as the Meme Coin Market Plunged Over 14%, Dragging the Broader Crypto Market Down More Than 5%

Bitcoin (BTC) slid 7.4%, Ethereum (ETH) slumped 13.5%, and Dogecoin plummeted 13% in the past 24 hours.

Bitcoin, Ethereum, and Dogecoin crashed on Monday morning as the meme coin market slid more than 14%, dragging the broader crypto market down more than 5%.

Bitcoin (BTC) fell 7.4%, Ethereum (ETH) dropped 13.5%, and Dogecoin plummeted 13% in the past 24 hours.

Crypto Fear & Greed Index Drops to Lowest Since September

The plunge in the crypto market was accompanied by a sharp drop in investor sentiment, with the Crypto Fear and Greed Index shedding 24 points to enter an “Extreme Fear” reading of 25, the lowest since September last year.

The fear gripped investors after a string of risk-off developments soured sentiment that was initially buoyed by Donald Trump’s election victory.

First, the Federal Reserve spooked markets by turning more cautious on the outlook for interest rate cuts.

Then, a meme coin scandal around the Libra meme coin that ultimately led to the Argentine President Javier Milei being questioned by authorities over the matter.

To make matters worse, crypto exchange Bybit was hacked on Friday for a record-breaking $1.5 billion, the largest crypto hack ever.

There’s also renewed concern over the potential impact of tariffs after US President Donald Trump again said on Sunday that he will be imposing tariffs on Canada and Mexico when a 30-day pause ends early next month.

“Everyone thought that Trump would be bullish for the market,” said Cas Abbe on X. ”And here we are, just watching red candles.”

SPX, PENGU And WIF Drop As Meme Coin Market Bleeds

SPX6900 (SPX) suffered the biggest loss in the list of the 10 largest meme coins after its price fell more than 17% to stand at $0.5884 as of 1:12 a.m. EST.

Pudgy Penguins (PENGU) extended its losing streak with a 15% loss, while Solana-based meme coin Dogwifhat (WIF) dropped more than 14%.

JUST IN: Over $110,000,000,000 was wiped out from the crypto market in the past 24 hours. pic.twitter.com/nEC0hdiScJ

— Watcher.Guru (@WatcherGuru) February 24, 2025

Investors Seeking Shelter In Presales

To escape the market turbulence, some investors are turning to presales that are not yet impacted by market forces.

Among the most popular right now are projects like Solaxy (SOLX), BTC Bull Token (BTCBULL) and MIND of Pepe (MIND)

Solaxy is the first layer-2 scaling solution for Solana, and has raised more than $23.4 million through its presale so far.

BTC Bull Token is a meme coin that’s offering free BTC to token holders when Bitcoin achieves certain price milestones for the first time, while MIND introduces a cutting-edge AI agent that can spot new trends in the crypto market early.

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