Meme coins lead the decline, cryptocurrency market sentiment remains subdued

OnchainDetective · 2026-01-12T20:25:06+00:00

Under the influence of Wall Street employment data and rulings, the cryptocurrency market is sluggish, with mainstream coins like ETH, SOL, and DOGE adjusting. Bitcoin faces technical pressure, with prices around $91.92K, while Meme coins experience greater selling pressure due to high volatility, reflecting a decline in market risk appetite.

OnchainDetective

2026-01-12 20:25:06

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Market participants are facing an emotional dilemma. Under the influence of cautious attitudes ahead of Wall Street employment data and the Supreme Court tariff ruling, the cryptocurrency market has fallen into a slump, with assets that previously led gains, such as Meme coins, experiencing more pronounced pressure.

Mainstream Coins Generally Retrace

In this downward cycle, major coins like ETH, SOL, and DOGE have all undergone varying degrees of correction. According to the latest data, SOL has increased or decreased by +1.61% over the past 24 hours, DOGE by +1.30%, while POL has fallen about 7.43%. Additionally, ZEC has risen 6.64% within 24 hours.

BTC Faces Technical Pressure

Bitcoin’s performance is also not optimistic. The current price stands at $91.92K, with a 24-hour increase of +1.44%. From a technical perspective, BTC has pulled back from the $93,600 level, with short-term support around $89,200, which corresponds to the 50-day simple moving average. Without an effective rebound, downward risks remain.

Meme Coins Cooling Off

Compared to mainstream cryptocurrencies, Meme coins, due to their high volatility, tend to be the first to be affected when market sentiment shifts. In this round of correction, these assets face significantly stronger selling pressure than other sectors, reflecting a clear decline in market risk appetite.

MEME-7,7%

ETH-1,67%

SOL-2,63%

DOGE-5,73%

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