As an experienced cryptocurrency analyst, I’ve seen my fair share of market ups and downs. Today, June 24, 2024, is no exception as major meme cryptocurrencies are underperforming, with ninety percent of top meme coins in the red and posting double-digit losses. Among them, Brett (BRETT), one of the largest meme coins on the Base (BASE) blockchain, is down by 9.4%, making it the fourth worst performing crypto in the top 100.
The leading meme cryptocurrencies are experiencing underperformance today. Approximately 90% of the top meme coins have seen price declines, with many posting double-digit losses. However, two notable “dog-coins” from the larger group of cryptos by market capitalization have bucked this trend and registered gains despite the overall bearish atmosphere.
“PEPE‘s best friend,” BRETT, among the worst performing cryptos today
On June 24, 2024, Brett (BRETT), a prominent meme coin on the Base (BASE) blockchain, experiences a 9.4% decline in value. This puts it as the fourth worst performing crypto among the top 100, surpassing only Ordi (ORDI) and Notcoin (NOT) in terms of loss. Meanwhile, Uniswap (UNI) demonstrates comparable decreases.
With a market capitalization of around $1.3 billion, Brett (BRETT) is nearing the brink of significant loss. Meanwhile, other prominent meme coins face similar pressures in the current market scenario.
Shiba Inu (SHIB) and Pepe (PEPE) have experienced a decline of approximately 5.2% to 5.3%, while the average drop for cryptocurrencies in the market stands at around 4% as of now.
As a crypto market analyst, I’ve observed that Dogecoin (DOGE) experienced a 4.1% price decrease today. Meanwhile, other notable meme cryptocurrencies like Bonk (BONK) and Floki Inu (FLOKI) also saw losses but managed to underperform the broader market average slightly.
In total, the segment of meme cryptos lost 5% in the last 24 hours, CoinGecko data says.
Dogwifhat (WIF), Mog Coin (MOG) in green despite painful start of week for crypto
Two notable meme coins, Dogwifhat (WIF) and Mog Coin (MOG), saw modest gains amidst the unfavorable market conditions. Specifically, Dogwifhat gained 1.1% on its Solana (SOL) platform, while Mog Coin surged by 4% on both Ethereum (ETH) and Base (BASE) platforms.
In the past 24 hours, the cryptocurrency market has witnessed a loss of over $300 million as a result of both short and long positions being liquidated. Notably, meme coins have experienced significant declines alongside this market downturn.
As a researcher studying the recent trends in the crypto market, I’ve discovered that traders dealing with DOGE and PEPE experienced significant losses totaling over $7.5 million. Moreover, ConstitutionDAO (PEOPLE) and Dogwifhat (WIF) are also among the 10 cryptos that have suffered the most according to CoinGlass data.
The value of Bitcoin (BTC) has decreased by 4.8 percent, while Ethereum (ETH) experienced a 5.5 percent drop following the announcement of the substantial Mt. Gox compensation plan and heightened geopolitical tension.
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2024-06-24 18:55