Meme coins market capitalization has dropped by over 5% to $56.34 billion in the last 24 hours, with top names such as Dogecoin (DOGE) and Shiba Inu (SHIB) declining further in a falling wedge pattern.
Bitcoin (BTC) is stabilizing around $106,000 on Friday, following three consecutive days of correction that have resulted in a near 3% decline so far this week. The correction in BTC prices was further supported by the profit-taking activity of its holders, which has reached a three-month high.
Monero's (XMR) price surges to trade at around $362 on Wednesday, as consolidation takes centre stage in the broader cryptocurrency market. Interest in privacy-oriented coins like XMR has been gaining traction amid growing concerns about surveillance and scrutiny by regulatory authorities.