With the pandemic of coronavirus threatening the strongest of economies, the Bitcoin is also taking a massive hit. It is more about the uncertainty of the market that’s toppling everyone.
There are many withdrawals in the market. And since March 12, which is known as the black Thursday, Bitmex has seen a 36% withdrawal from its reserves.
Bitmex is not alone; Bitstamp customers have also withdrawn. The questionable state of the market is also not helping with the situation.
Before the Black Thursday, Bitmex was flourishing. However, its reserves had started dwindling since January. And according to itscryptonews.com, Bitmex had more than 306,000 bitcoin held in reserves, but now, after the exchange, it has only 228,000.
It shows that the Bitmex customers removed 36% of the BTC. Also, it means that the firm withdrew the Bitcoin it had in its possession and transferred the funds elsewhere.
Coinbase also has the same story. It had 1 billion BTC in reserves as of January 25. It had a stash of $8.57 billion, but now it has a reserve of $6.92 billion. Along with Coinbase, Huobi is also suffering. It has 9.38% of its BTC reserves removed from the exchange.
Bitfinex also lost its reserve in the last three months of this year. It has lost 29% of its reserve. Along with Bitfinex, Bitstamp Clients also withdrew 72%.
Earlier it held the sixth position, but now it holds the 11th place. Kraken’s Customers also withdrew its reserves. And its reserves have dropped 24% since January 25.
The current situation does not guarantee any improvement. It all depends on when the effects of the virus will wane. And then the market can start growing again.
What Makes Meme Coins Like Floki Inu Popular?
The cryptocurrency market is evolving and among the meme coins the latest star is Floki Inu, the now popular meme coin. It was in June when Elon Musk had tweeted he intends to name his Shiba Inu Floki that led to a developer inspired to make Floki. The coin was made in August by a developer named Ryoshi.
Today whenever Elon Musk shares something about his Shiba Inu it affects the coin’s market. Like in March 2021 he wrote ‘I am getting a Shiba Inu’, in June, ‘My Shiba Inu will be named Floki’ and in September he wrote ‘Floki has arrived’ the meme coin Floki Inu rose by 1,000 percent in 2 days.
This meme coin which is community owned has since then rapidly grown. It has been inspired by Tesla and SpaceX boss Elon Musk’s Shiba Inu, mentions Floki’s website. Now the Floki Inu trades at $0.00007731 with a trading volume of over $16 million.
When a cryptocurrency is associated with a theme it is called a meme coin. Named after a popular dog, the Dogecoin was the 1st meme coin. Shiba Inu and Floki Inu are other meme coins. These meme coins are all hyper volatile cryptocurrencies. Experts are researching the reasons why the meme coins are seeing a steep rise.
The reasons propagated why the meme coins are so popular is one: they have the presence of a strong community and second the presence of strong personality cults. Like in the case of Floki Inu it is Elon Muskwho has thrown his weight behind the meme coin through his tweets. Another reason could be the low entry level prompts retail investors excited to invest in meme coins thus taking their price higher.
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