Posted 1/23/2024, 9:30:00 AM
Bitcoin Slump Drags Down Solana, Avalanche and Meme Tokens
- Major tokens like Solana's SOL and Avalanche's AVAX dropped 7-9% due to bitcoin selling pressure from recent ETF launches
- Meme tokens like SOL's BONK and AVAX's JOE also fell over 10%
- Dogecoin gave up weekend gains driven by adoption speculation, falling back to 6 cents
- The broader crypto market declined, with the CoinDesk 20 index falling 4%
- Bitcoin short-term holders are exiting at a loss below $43K, adding to selling pressure that could push BTC as low as $38K