Cryptocurrency Market Round-Up
Typically, cryptocurrencies are termed as digital currencies and use blockchain technology to record every transaction. Meme Coins are a category of cryptocurrencies that are typically created as jokes or memes, often with little to no inherent utility or technological innovation. Dogwifhat (WIF) is a meme coin launched on the Solana blockchain in November 2023, centered around the humorous and quirky concept of a dog wearing a hat. This lighthearted theme has helped the coin gain significant popularity and value, quickly making it a notable player in the ever-growing meme coin market. WIF has a market capitalization of ~USD 1.23 billion (as per TradingView as of January 29, 2025).
Last week, the benchmark S&P Cryptocurrency Broad Digital Market (BDM) Index started on a negative note and maintained a bearish momentum for the entire week. The index declined by 130.22 points (~2.02%) to 6318.08 for the week ending January 24, 2025. In the current week starting January 27, 2025, the index is trading with negative momentum. Moreover, other major cryptocurrencies, such as Bitcoin and Ethereum, are witnessing negative momentum for the current week.
Section 1: Key Performance Indicators:
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