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Some of the top meme coins have pared gains, struggling to maintain momentum, according to CoinGecko. data.
As of press time, Dogecoin (DOGE) is the only major cryptocurrency in the red, up more than 1.5% in the past 24 hours.
Shiba Inu (SHIB) is also in the red, losing 3% over the last 24 hours.
Solana-based newcomer Dogwifhat is down more than 3% despite posting a double-digit gain previously.
Bonk, another Solana-based cryptocurrency, is the worst performer among major altcoins, losing more than 8%.
Greed returns to the market
According to the Fear and Greed Index, the market is once again dominated by greed.
Yet this enthusiasm might be premature given that Bitcoin is still struggling to rise above the $64,000 level.
This significant change in sentiment comes after the leading cryptocurrency succumbed to “fear” following a massive drop to the $56,000 level last week.
Bitcoin saw a substantial decline last week due to growing concerns about stagflation and terribly high outflows from Bitcoin ETFs.
However, fears of stagnation appear to have been dampened by recent economic data. It appears likely that the US Federal Reserve will begin cutting interest rates in September following a recent jobs report. Additionally, Grayscale’s GBTC recently saw its first inflows since its launch.
Great performances
While Bitcoin is in consolidation mode, other major cryptocurrencies are also struggling to post significant gains.
However, there are still some outliers. Monero (XM) and Avalanche (AVAX) are both up almost 3%.
Algorand (ALDO) and NEAR Protocol (NEAR) are also in the green despite being named as unregistered securities in the recent class action lawsuit against Coinbase.
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