Memes cryptocurrencies are once again among the hardest hit by the decline in the cryptocurrency market, with seven-digit liquidations. The net valuation of the segment may fall below $50 billion as long as the majors are underperforming the market benchmark.
All major meme coins are in red: BONK, WIF, FLOKI underperforming
Many meme cryptocurrencies are in the red zone as of May 11, 2024. All of the top dog coins are doing worse, even if the net market capitalization of cryptocurrencies decreased by 3.6%. Even double-digit losses can be seen in certain cryptos with nine-digit caps.
4.6% of the total net worth of meme coins was lost overall. Popcat (POPCAT), which has a market valuation among the top 10 meme coins, fared the worst, losing 17.3% over night. Its $513 million capitalization fell to $425 million.
Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) suffered the most losses among the biggest meme coins, with price decreases of 5%, 6.2%, and 4.7%, respectively.
Large long holdings are liquidated along with such a decline. Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) traders lost $4.5 million in long positions in a single day, according to CoinGlass statistics.
With the greatest single liquidation losing $3.56 million, the net volume of long liquidations hit $131 million in equivalent during a period of plunging Bitcoin (BTC) prices.
Dogwifhat (WIF) cat-themed spin-off stands alone: CWIF spikes by 30%
Out of all the digital assets in the segment, cat-themed meme coins perform the worst. They lost 11.9% overall on the previous day.
Simultaneously, one asset exhibits the opposite behaviour. A counterfeit of Solana WIF, Catwifhat (CWIF), surged into the top 1,000 cryptocurrencies by market capitalization, adding more than 30% in the previous day.
In terms of 24-hour performance, Solana meme coins continue to rank sixth among all cryptocurrency categories with a 6.9% loss. With declining trading volume, the segment’s capitalization is aiming for $7 billion.
