Pepe, a popular meme coin, has experienced minimal movement over the past day, consolidating around the price of $0.0000081. Meanwhile, Mog Coin has made a significant impact on the cryptocurrency landscape, entering the ranks of the top 100 crypto assets with an 11% surge in the last 24 hours. Currently, Mog Coin is trading at $0.0000018, boasting a market capitalization of $738 million.
Despite the excitement surrounding meme coins, the broader cryptocurrency market is facing challenges. Recent reports indicate that the global crypto market cap has declined by $33 billion, settling at $2.38 trillion. This drop follows a noteworthy event in the U.S. market, where Bitcoin exchange-traded funds (ETFs) experienced their second-largest net outflow, amounting to $541.1 million on November 4. Consequently, Bitcoin’s price fell below the $69,000 mark, as bearish sentiment prevailed.
This market correction is attributed to heightened caution among investors in response to the upcoming U.S. presidential elections, which are set to take place today. Many market participants are taking a conservative stance, wary of the volatility that often accompanies such significant political events.
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