The recent crypto market downturn is causing widespread panic among traders, with significant losses occurring in a short span of time.
This is particularly evident in the case of one crypto whale, who lost $24 million while swapping a meme coin for USDC.
With the initial investment at $33.9 million, the transaction highlighted the volatility that characterizes meme coin markets, where prices can fluctuate drastically based on market sentiment.
Despite earlier profits from similar trades, this loss seems to be part of a broader trend as the trader sought to mitigate risk amid the ongoing market crash.
Solana’s sharp 12% decline is one of the most significant among top cryptocurrencies, with the coin now struggling to hold its ground.
While Solana has seen impressive growth in terms of adoption, it appears to be stalling in the current market environment, especially with the upcoming unlocking of 11.2 million SOL tokens set to impact the price further.
The wider market has seen Bitcoin drop below $92,000, and meme coins like TRUMP and DOGE have also seen significant drops.
While many are selling off, the increased trading volume suggests that some investors are taking advantage of the lower prices, potentially signaling a period of accumulation as market participants await signs of recovery.
Ethereum investment products are seeing a renewed wave of demand, with U.S.-listed spot ETFs pulling in over $100 million in a single day.
After peaking near $1.67 in mid-May, Pi Network’s price has been stuck in a sharp downward spiral, recently touching a critical support zone around $0.50.
Global crypto funds just logged a tenth straight week of fresh capital, pulling in another $1.24 billion even as prices slid and geopolitics turned tense.
Middle-East tensions pushed Bitcoin under $100k and drove Ethereum to its lowest levels since May, but the next potential volatility spark is already on the calendar: a cluster of token releases worth nearly $140 million will hit the market between 24–28 June.