• Solana, XRP, Dogecoin and BNB erase between 3% and 6% of their value on Tuesday. 
  • The crypto market capitalization is down 3% while Bitcoin hovers above the $95,000 level. 
  • Meme coin scandals and JP Morgan comments about Tether’s likelihood of dumping BTC tokens are the key market movers in crypto. 

Solana (SOL), XRP, Dogecoin (DOGE) and Binance Coin (BNB) decline on Tuesday. Top altcoins ranked by market capitalization are in a downward trend, even though Bitcoin (BTC) continues to consolidate around the $95,000 level. 

Recent events, such as the LIBRA and MELANIA meme token scandals and the alleged links to wallet addresses that pulled over $100 million from the latter, have negatively impacted trader sentiment. 

Solana, XRP, Dogecoin, BNB price declines

At the time of writing on Tuesday, Solana, XRP, Dogecoin and BNB correct 5.31%, 2.97%, 2.59% and 2.59% on the day, respectively. The four meme coins rank among the top 10 cryptocurrencies by market capitalization. 

Nick Forster, Founder at Derive.xyz, told FXStreet that token unlock is a key market mover influencing Solana price. Forster said,

“In contrast, Solana faces a $2 billion unlock in 12 days, representing nearly 2% of the token's fully diluted value (FDV), which is expected to put downward pressure on its price. Alongside ongoing negative sentiment surrounding meme coins, Solana could face a difficult few weeks ahead. We’re seeing a 10% chance SOL settles above $280 by the end of the quarter, and a 20% chance it will reach below $170 by the same date.”

In the case of Dogecoin and XRP, on-chain data signals further correction in the altcoin prices. 

The Market Value to Realized Value (MVRV) ratio of Dogecoin in a 30-day timeframe shows that every time MVRV drops under 7%, there is a significant corresponding correction in price. At the time of writing on Tuesday, MVRV is 15%, suggesting Dogecoin’s price could decline further if the pattern repeats itself.   

Dogecoin on-chain analysis

Dogecoin on-chain analysis | Source: Santiment 

XRP on-chain analysis shows that active addresses in the 24-hour timeframe are in a downtrend. The funding rate aggregated by XRP, as seen on Santiment, has been negative on several days between January 27 and February 17. 

Negative spikes mean that derivatives traders are bearish on the XRP price and expect further decline.  

XRP

XRP on-chain analysis | Source: Santiment 

The developments surrounding the entities behind LIBRA, promoted by Argentina’s President Javier Milei, and the MELANIA token have shrouded the Solana blockchain in controversy. This has also negatively influenced sentiment among traders, as evidenced by the Crypto Fear & Greed Index, which is now at a neutral level after “extreme greed” last month. 

Crypto Fear & Greed Index

Crypto Fear & Greed Index | Source: Alternativeme


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Binance Coin surges to record highs as Windtree plans $520M acquisition

Binance Coin surges to record highs as Windtree plans $520M acquisition

BNB (BNB), formerly known as Binance Coin, edges lower after hitting a new all-time high of $855 at press time on Monday. The Centralized Exchange (CEX) token enters uncharted territory on the back of Windtree’s $250 million commitment to build a BNB corporate treasury. 

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC stuck in range, ETH eyes $4,000 while  XRP rebounds

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC stuck in range, ETH eyes $4,000 while  XRP rebounds

Bitcoin (BTC) has been trading sideways between $116,000 and $120,000 for the last 13 days, signaling indecision among traders. Ethereum (ETH) and Ripple (XRP) show signs of strength as ETH breaks above a key resistance level, while XRP finds support around its key level.

Top Crypto Gainers: CAKE, JUP, SPX regain bullish momentum, leading market gains

Top Crypto Gainers: CAKE, JUP, SPX regain bullish momentum, leading market gains

The Decentralized Finance (DeFi) tokens, such as PancakeSwap (CAKE) and Jupiter (JUP), have outpaced the broader market recovery over the last 24 hours, experiencing a resurgence in buying pressure.

Dragonfly partners could face DOJ charges as Tornado Cash Roman Storm's trial continues

Dragonfly partners could face DOJ charges as Tornado Cash Roman Storm's trial continues

Dragonfly Capital may face charges from the US Department of Justice (DOJ) regarding its early investment in Tornado Cash, managing partner Haseeb Qureshi confirmed on Friday.

Bitcoin: BTC extends correction amid weakening momentum, ETFs outflow

Bitcoin: BTC extends correction amid weakening momentum, ETFs outflow

Bitcoin (BTC) is slipping below the lower consolidation band at $116,000, after consolidating for more than ten days. A decisive close below this level would indicate further decline ahead.

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP