Market Report: Top 5 cryptocurrencies by decline on January 23, 2026, with Pump.fun experiencing the largest drop.
Gate.io News Bot Message, January 23, 2026, according to CoinMarketCap market data, the overall cryptocurrency market is showing a correction trend, with several mainstream coins experiencing pullbacks. The following are the top five performers with the largest declines in the past 24 hours:
1️⃣ PUMP (Pump.fun) 📉 Current Price: $0.24 | Decline: -6.61% 📊 24H High/Low: $0.26 / $0.24 | Market Cap: $882,246,695.73 ⚠️ Despite Pump.fun launching a $3 million Pump Fund plan to seek ecological transformation, on-chain whales and major longs have already exited, with recent liquidations totaling $31.3 million, causing market confidence to decline. Meanwhile, the main longs of PUMP and FARTCOIN have lost over $4 million in seven days, increasing market selling pressure.
2️⃣ NIGHT (Midnight) 📉 Current Price: $0.57 | Decline: -6.03% 📊 24H High/Low: $0.602 / $0.56 | Market Cap: $948,342,843.37 ⚠️ No significant fundamental negative news has been announced. The decline is mainly due to overall market adjustment and technical correction pressure. Investors are advised to monitor subsequent support levels.
3️⃣ ARB (Arbitrum) 📉 Current Price: $0.17 | Decline: -5.44% 📊 24H High/Low: $0.18 / $0.17 | Market Cap: $1,036,203,906.12 ⚠️ The decline of ARB is mainly influenced by market correction. Although Gate Alpha’s points treasure hunt activity continues to advance, it has not effectively supported the coin price. While the Layer 2 ecosystem shows development momentum, short-term technical indicators remain weak.
4️⃣ PEPE (Pepe) 📉 Current Price: $0.49 | Decline: -4.93% 📊 24H High/Low: $0.52 / $0.48 | Market Cap: $2,056,854,694.70 ⚠️ The largest PEPE long position has closed its ETH long, with a loss of $223,900, shaking market confidence among major longs. On-chain whales continue to trade in waves, but profits are under pressure, indicating that PEPE meme coin popularity has cooled, and market sentiment has shifted to caution.
5️⃣ CC (Canton) 📉 Current Price: $0.14 | Decline: -4.89% 📊 24H High/Low: $0.15 / $0.14 | Market Cap: $5,347,734,020.24 ⚠️ Although Gate has launched CC perpetual contract trading with 1-10x leverage, increasing market liquidity, Canton treasury company Tharimmune plans to raise $55 million through stock registration and issuance, which may have potential dilution expectations. The market is awaiting further announcements on fund utilization.
📉 Market Summary: The current market is in a correction cycle, with Meme coins under significant pressure and main capital showing divergence. Despite Pump.fun launching an entrepreneurial fund plan to seek value empowerment, on-chain data shows whales have preemptively positioned for risk avoidance, which is the core reason for PUMP’s leading decline. Additionally, the pullbacks of most coins reflect a decline in market risk appetite. Investors are advised to be cautious of support level breaches and to reasonably control position sizes.
⚠️ Risk Warning: The above market data is for reference only. Cryptocurrency markets are highly volatile, and investing involves significant risks. Past performance does not indicate future trends. Do not blindly follow the trend in trading. Investors should develop investment strategies based on their risk tolerance, set stop-loss and take-profit levels, and operate cautiously.