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Tuesday, May 21, 2024

Meme Coin Massacre: WIF, BONK, PEPE, FLOKI, SHIB, and DOGE Plummet by Double Digits

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The total crypto market saw a massive correction on Friday evening, with more than $200 billion leaving the space within hours.

The liquidations have shot up to nearly $1 billion on a daily scale, but some of the most notable losers come from the ever-volatile meme coin niche.

CryptoPotato already reported the big Bitcoin retracement that took the primary cryptocurrency from around $71,000 earlier today to a weekly low of $65,000 within minutes.

However, that’s just a part of the story as the altcoins and meme coins, in particular, have experienced even more pain within the past day.

BONK leads this adverse trend with a massive 25% drop that has pushed the popular Solana-based token to under $0.000017.

WIF follows suit with a similar decline that has further driven dogwifhat to way below $3. It’s worth noting that the meme coin recently charted a new all-time high at almost $5.

PEPE is next in line with a daily slump of 21%, followed by FLOKI (-20%), Shiba Inu (-13%), and Dogecoin (-12%).

Data from CoinGecko shows that the entire meme coin industry has lost almost 20% of its total market capitalization in the past day and is now down to $54 billion. At the same time, the total crypto market cap is down by 6.5%.

The total value of liquidated positions in the last 24 hours is at almost $900 million, according to CoinGlass. Meme coins’ crash only goes to highlight their volatile nature and that investors should be more wary when dealing with them, especially if there’s leverage trading in place.

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