Memecoins
BONK, WIF, DOGE under pressure
Vladislav Sopov
Some major coins post double-digit losses, while meme crypto segments perform worst
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With seven-figure liquidations, meme cryptocurrencies are once again among the worst victims of the crypto market collapse. The segment’s net valuation could fall below $50 billion while all the majors are performing worse than the market benchmark.
All major coins are in red: BONK, WIF, FLOKI underperforming
Today, May 11, 2024, many meme cryptocurrencies are in the red zone. While the net market capitalization of cryptocurrencies lost 3.6%, all major coins performed worse. Some cryptos with nine-digit caps are even posting double-digit losses.
Image of CoinGecko
Overall, the meme coin sphere saw 4.6% of its net valuation wiped out. Among the top 10 even coins by market capitalization, Popcat (POPCAT) suffered the most, losing 17.3% overnight. Its capitalization fell from $513 million to $425 million.
Among the largest meme coins, Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) saw the largest losses with price reductions of 5%, 6.2%, and 4.7%.
Such a decline is accompanied by significant long positions being liquidated. According to CoinGlass data, traders on Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) lost $4.5 million in long positions in 24 hours.
Amid the Bitcoin (BTC) price plunge, the net volume of long liquidations exceeded the equivalent of $131 million, with $3.56 million lost in the largest single liquidation.
Dogwifhat’s (WIF) Cat-Themed Spinoff Is the One: CWIF Increases 30%
When it comes to segment performance, cat-themed meme coins are the weakest among all digital assets. In total, they lost 11.9% over the last 24 hours.
At the same time, a single asset demonstrates the opposite performance. Catwifhat (CWIF), a Solana WIF copycat, added over 30% in the past day and exploded into the top 1,000 cryptos by market cap.
With 6.9% loss, Solana meme coins remain the seventh weakest crypto category in terms of 24-hour performance. The capitalization of the segment envisages a decreasing transaction volume of 7 billion dollars.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)