As a seasoned crypto investor with a few scars from past bear markets, I’m not surprised to see the meme coin sector taking a beating again. The recent hype around these coins seems to have come crashing down, leaving behind substantial losses for those who jumped in at the wrong time.
As an analyst, I’ve been observing the crypto market closely and it seems that the hype surrounding meme coins may be fading away. In fact, five out of the ten worst performing categories on CoinGecko currently consist of meme cryptocurrencies. On the other hand, small-cap tokens have experienced some of the most significant losses during this period.
Base, Solana meme coin ecosystems bleeding: Double-digit losses registered in 24 hours
Over the past day, as the broader crypto market shows little activity, meme-linked coins have experienced the most significant losses. Two specific ecosystems have exhibited particularly poor performance. Coins categorized as memes on Base, Coinbase’s L2 solution for Ethereum (ETH), shed more than 18% of their value overnight.
The combined value of the 38 largest Base meme coins decreased to $142 million. The price of Brett (BRETT) meme coin fell more than 40% individually.
The value of Solana’s (SOL) meme coins segment decreased by 12.6%. The combined market capitalization of meme cryptocurrencies built on the Solana network is only slightly over $1.67 billion.
As a crypto investor, I’ve noticed that meme coins and BRC-20 assets with cat themes have been underperforming significantly in recent times.
While cat coins’ value plunged by 8.8%, BRC-20 cryptocurrencies lost 8.7% of the total value.
$8.5 million worth of DOGE, WIF, BONK positions liquidated, mostly longs
As an analyst, I’ve observed a significant drop in values within the meme coin sector that has resulted in substantial eight-figure liquidations on futures markets. Notably affected coins include Dogecoin (DOGE), Dogewifhat (WIF), Bonk (BONK), and Pepe (PEPE).
In the past 24 hours, a combined $150 million was wiped out from the markets of the three largest meme coins, resulting in approximately $8.5 million worth of losses.
Over 80% of this sum should be attributed to long positions.
The total crypto market capitalization is down by 2%, data says.
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2024-04-27 18:36