FLOKI, BONK, PENGU, AI16Z: Meme Coins Hit by Crypto Collapse

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Currently, Bitcoin (BTC) is at its lowest point since mid-November, and some popular meme cryptocurrencies have been among the poorest performers over the past day. Simultaneously, a wave of liquidations has wiped out approximately $500 million worth of crypto positions in the market.

Meme coins PENGU, AI16Z posted double-digit losses today

Over the past day, the category of meme-based cryptocurrencies has seen a 8.8% decrease in its total value. Specifically, Pudgy Penguins (PENGU), a token linked to the popular NFT release of the same name, dropped by 11%. Meanwhile, AI16Z, a meme crypto themed around artificial intelligence, lost a significant 15.4% of its market cap.

In simple terms, AI16Z, a meme coin managed by an AI-driven DAO, has been hit hard in the meme coin sector. Over the past week, its market value plummeted by nearly $1 billion. This dramatic decline caused it to drop out of the top 100 cryptocurrencies ranked by market capitalization. At the time of reporting, the price of AI16Z had fallen below $1.

Meme-based digital currency BONK, known for its significant following, experienced a decline of approximately 10.9% in its total market value. This dip caused its capitalization to fall below the $2 billion mark when expressed in equivalent terms. Despite this, the price has managed to remain above 0.000025.

As an analyst, I’m observing a notable drop in the value of Floki Inu (FLOKI) today, with a decrease of 9.1%. On the other hand, peers such as PEPE, SHIB, and WIF are also experiencing a decline, with each dropping by approximately 6.7%. Interestingly, Dogecoin (DOGE), the market leader among meme cryptocurrencies, is only seeing a decrease of 5.9%. This could suggest a slight divergence in their performance trends for the day.

$550,000,000: Crypto markets hit by liquidation storm

Today, Bitcoin (BTC), the pioneering digital currency, experienced a 3.8% decrease in value. Momentarily, its prices dipped to an eight-week low of $90,200; however, it subsequently rebounded to $91,500. Over the past day, the overall market index has seen a drop of 6.9%.

The crash of this cryptocurrency led to a massive sell-off, resulting in over $547 million worth of crypto derivative positions being closed out within the past 24 hours, as reported by CoinGlass. Interestingly, about 85% of these liquidated contracts were long positions, and approximately 40% of these liquidations took place within the last four hours.

Binance‘s BTCUSDT long, worth $8.21 million, was the largest single liquidation.

Overnight, the Crypto Fear and Greed Index by Alternative dropped from 69/100 to 61/100, yet remains within the “Greed” category according to the data.

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2025-01-13 18:34