Crypto market takes a big hit, especially memecoins like Pepe fall sharply

The crypto market starts the second week of May quite in the red. Many prices from the top 100 are more than 5% down and for some it is even more than 10%. Mainly memecoins catch blows today. Yet we also have a single green exception in the top 100. However, the total market capitalization of crypto is down 3.2% to $1.19 trillion.

Bitcoin price back below $28,000

Bitcoin (BTC) ticked $29,800 on Friday night, but is already diving below $28,000 this morning. Bitcoin even briefly dipped below $27,800, but is recovering to $27,850 at the time of writing. Yet that is a drop of no less than 3.8% in the past 24 hours. The enormous pressure on the network due to the hype about memecoins causes huge transaction costs and even Binance FUD.

Ethereum back to $1,850

Ethereum (ETH) is also seeing its transaction costs skyrocket due to the speculation surrounding these memecoins. Costs are even shooting up to this year’s highest point. However, the ether price drops 3% to $1,850.

XRP hardest faller in red crypto top 10

The rest of the top 10 largest crypto currencies also turn red. Binance (BNB) is holding up the strongest despite the FUD. Still, the BNB price drops by 2.5% to $316. Dogecoin (DOGE) is already down 3% below USD 0.075. Solana (SOL) loses 3.5% of its value to reach $21.3.

Cardano (ADA) is already down 3.7% to $0.367. Polygon (MATIC) and polkadot (DOT) are both down a whopping 4.3%. However, Ripple (XRP) is the biggest loser from the top 10, falling 5.2% to $0.435.

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Pepe hardest faller crypto top 100

In the top 100, however, we find a large series of harder fallers and many prices are even 6% or more down. It is mainly newer coins that are currently falling the hardest. Conflux (CFX), immutablex (IMX) and mina (MINA), optimism (OP) and render (RNDR) are all down nearly 8%.

Radix (RDX) and kaspa (KAS) even fell by about 11%. The KAS price seems to fall out of the top 100 at any moment. Sui (SUI) is already down 12.5% ​​today, dropping to $1.15. However, Pepe (PEPE) is the biggest loser from the top 100, falling 13% to $0.0000022.

Other memecoins are also taking a hit. For example, note (NOOT) rose sharply from the weekend, but today is no less than 40% down.

Stacks only hard riser in crypto top 100

Yet we have an exception in the top 100: stacks (STX). Stacks seems to enjoy all the hustle and bustle on the Bitcoin network and the STX price rises by 9.3% to $0.768.

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