Meme Coins Decimated Amid Crypto Massacre: BONK, FLOKI, AI16Z Hit Worst

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In my exploration as a researcher, it’s evident that Bitcoin (BTC) has been unsuccessful in maintaining its position above $100,000 for the fifth straight attempt, leading to a significant 8.3% dip in the cryptocurrency market within a few short hours. The question now arises: why are meme coins experiencing the brunt of this downturn, with some even starting to rebound? Let me delve into the reasons behind this phenomenon.

Meme crypto segment collapses, loses 12% overnight: Here are worst performers

On January 8th, 2024, the entire cryptocurrency market is experiencing a downturn with red figures across the board. Notably, Bitcoin (BTC), the leading crypto, has dropped from $102,000 to $95,200, causing a loss of approximately 5.5% of its total market value. Additionally, the daily liquidation volume for Bitcoin (BTC) surpassed $127 million and accounted for 86% long positions.

The value of meme-based cryptocurrencies took a significant hit, with their market capitalization dropping by approximately $15 billion in just one night. Over the course of less than a day, Floki Inu (FLOKI) and Bonk (BONK), two of the worst performing meme coins, experienced a decline of around 14% each.

AI16Z, which topped performances during the winter season, experienced a drop of 13.9% and nearly fell below the $2 billion market cap. At the moment of reporting, the asset is being traded at approximately $1.82 per unit.

The two well-known digital currencies based on memes, Dogecoin (DOGE) and Shiba Inu (SHIB), are experiencing losses in the double digits. Currently, SHIB’s value has dipped to approximately 0.00002148 USD, whereas DOGE is being traded at around $0.3465 on major trading platforms.

In the world of major digital currencies, U.S. Dollar Tether (USDT) has now taken the second spot, surpassing XRP as the second largest altcoin. The value of XRP, which is associated with Ripple, reached a temporary low of $2.28.

This text maintains the original meaning and is more approachable for readers who may not be experts in the field of cryptocurrency.

Meet only meme coin that is in green today

Previously reported by U.Today, Bitcoin supporter Tone Vays revealed yesterday that he had taken long positions for Bitcoin at a price point of $100,000.

Currently, two alternative cryptocurrencies are thriving amidst the market turmoil, with one of them being a popular meme coin. Among these survivors, SPX6900 (SPX), often referred to as “Murad’s Meme Coin,” has seen a 3% increase. The token’s value reached $1.44, helping it maintain its spot in the top 100 digital currencies.

Fasttoken (FTN) is the second best performer, with 0.5% overnight growth.

Today, the Crypto Fear and Greed Index has moved out of the Extremely Greedy area, currently standing at a level of 70 out of 100. This is its lowest reading since January 2nd.

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2025-01-08 17:33