Did Elon Musk's Comments Support, or Hurt, Meme Tokens Yesterday?
Today, cryptocurrency investors are seeing some consolidation following a rally this week that brought the crypto sector above the important $1 trillion valuation mark. With the overall market down 5.5% over the past 24 hours as of this morning's session, it's clear some profit taking is in order after a rather rosy start to this week.
However, for meme token investors, today's decline has been much more steep. Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE), two of the most prominent meme tokens, dropped 10.1% and 8.5%, respectively, over the past 24 hours as of 10:45 a.m. ET. Other meme tokens that have gained in popularity with investors of late, such as ApeCoin (CRYPTO: APE) and STEPN (CRYPTO: GMT), also saw double-digit declines over the same time frame.
Accordingly, many investors may be asking, "What gives?"
Source Fool.com
