Bitcoin dropped to a 3-month-low at $79,000

Today, the crypto market is bleeding as countless Long and Short positions were liquidated. According to Cointelegraph, traders panic, leaving many empty-handed. But amidst this chaos, could there be a glimmer of hope for crypto investors with other narratives like AI, Fan Tokens, and Mid-cap memecoins? We’ll explain more in this article.

Market Overview

The brutality of today’s market was undeniable. Prices plummeted, crushing long positions and surprising short traders with sudden pumps. According to CoinGlass, the total liquidations were at $950.62 million in the last 24 hours.

Top Losers: Which Big Names Took the Hit?

During the last 24 hours, top coins witnessed an overall downtrend:

Bitcoin (BTC) fell 7.59%, reaching a 24-hour low of $78,200 before rebounding slightly to $84,000. The cryptocurrency has hit its lowest level in three months, slipping below $90,000.

Learn more: Why has the Bitcoin price declined again? Any chance for Ethereum?

Ethereum (ETH) plunged 10.17% to a low of approximately $2,200, reflecting recent US unemployment and inflation concerns, as noted by Cointelegraph.

Solana (SOL): Once a bull market darling, Solana (SOL) is now down 50.3% compared to its ATH in January, slipping to around $146.Source: CoinMarketCap

Overall, ETH is heavily impacted compared to other top coins. In fact, another major reason contributing to the overall bleeding market is President Donald Trump announcing increased 10% import tariffs on Chinese goods.

Current trending Narratives: AI and Memecoins

Looking at the promised leading AI narrative, the downtrend condition is still the same. For example:

• AI and AI Agents: Projects tied to AI initiatives, although being expected to be the leading narrative in 2025, are also impacted. For example, NEAR dipped to a low of $3,03. Same things happened to other top coins such as TAO or AR.

• Memecoins: Some popular names like DOGE are heavily impacted, witnessing a 4,59% drop in just 24 hours.
  

Any Chances for Fan Tokens?

Fan tokens occasionally appear to be in opposition to the bear market. This is due to their independence and their connection to memecoins, which are associated with real-world entities and events. Their value isn’t solely dependent on crypto market cycles but on external catalysts like a big game, a championship, or a celebrity endorsement. 

For example, ARG, the Fan token of the Argentina national football team, surged 70% prior to the FIFA World Cup Final in December 2022. At the same time, the overall crypto market witnessed its winter, with Bitcoin hovering around $17,000. Source: CoinGecko

Another example is OG Fantoken (OG), which witnessed a 20% pump in 48 hours, suggesting short-lived hype. However, at this time of writing, OG slightly decreased from $4.05 to $3.73, which is prone to “pump-and-dump” cycles, reflecting the market cooling off after an overheated rally, rather than being tied to the overall market drive.

However, do note that Fan tokens could be the missing piece to pay attention to in this bear market phase, based on the historical playbook as mentioned above.