Here is the rewritten content:
XRP Struggles to Float Above $2
The cryptocurrency market’s collapse has escalated in the past 24 hours, with countless digital assets plunging by double digits. Ripple’s XRP is among the biggest losers, tanking by 10% on a daily scale. It traded slightly above $2 over the past several hours before tanking below that psychological level (according to CoinGecko’s data).
Meme Coins Face Steep Declines
Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have faced steep declines as the SEC’s recent statement cast doubt on their utility and increased investor caution.
Pi Network’s Impressive Gains
Contrary to the bearish environment in the crypto market in the last several days, the native token of Pi Network has charted impressive gains. It has surged by over 250% on a weekly scale, reaching an all-time high of almost $3 on February 27 and currently trading at roughly $2.13.
The Memes Bleed Heavily
The poor performance comes shortly after the SEC classified most meme coins as non-securities. At the same time, the agency claimed that these tokens "typically have limited or no use or functionality," warning investors that they sit at the furthest end of the risk spectrum.
Conclusion
The cryptocurrency market is known for its volatility, and the recent collapse is a reminder of this fact. As the market continues to fluctuate, it is essential to stay informed and stay ahead of the game. The SEC’s recent statement on meme coins has sparked a wave of caution, and investors are advised to be cautious when investing in these assets.
FAQs
Q: What is the current price of XRP?
A: The current price of XRP is around $1.92.
Q: How much has Pi Network’s native token surged in the past week?
A: Pi Network’s native token has surged by over 250% in the past week.
Q: What is the current market capitalization of XRP?
A: The current market capitalization of XRP is around $10.3 billion.
Q: What is the total supply of XRP?
A: The total supply of XRP is capped at 100 billion.
Q: What is the current price of DOGE, SHIB, and PEPE?
A: The current prices of DOGE, SHIB, and PEPE are around $0.003, $0.00001, and $0.001, respectively.
