As an experienced analyst, I’ve seen my fair share of market corrections and the impact they have on various assets, including meme coins. And this current correction is no exception, with meme coins bearing the brunt of the selling pressure.
During the recent intensification of the cryptocurrency market correction, meme coins have been disproportionately affected due to their inherent volatility. In the past day alone, traders dealing with meme coins experienced a massive wave of liquidations totaling in the hundreds of millions.
Meme coins BRETT, FLOKI post double-digit losses; SHIB, WIF also under pressure
The largest meme coin on Coinbase’s L2 platform, represented by “Brett” or “BRETT,” has experienced back-to-back double-digit losses. Currently ranking among the poorest performers in the top 100 assets, it has lost 15.2% of its value overnight. With a capitalization level teetering on the brink of $1.5 billion, this asset is at risk of dipping below this significant threshold.
The popular meme cryptocurrency, FLOKI, with a sizable following, is vying for a spot among the top 10 digital currencies following a 10% decline in value within the past day.
As a researcher studying the meme coin market, I’ve observed that some top-tier coins, including Dogewhats (WIF) and Shiba Inu (SHIB), underperformed the broader market benchmark. Specifically, WIF saw a decline of 9.6%, while SHIB experienced a drop of 6.2%. With WIF’s market cap nearing $2.5 billion, it remains to be seen how this will impact its future performance.
The value of Dogecoin (DOGE), the leading meme cryptocurrency, has decreased by 5.6%, whereas the overall cryptocurrency market has experienced a 3.7% reduction in capitalization.
The recent downturn in the popular cryptocurrency memes has resulted in massive sell-offs or “liquidations,” a topic we discussed on U.Today just a few days ago.
Cat-themed, Base meme coins suffering the worst
As a crypto investor, I’ve noticed from the data provided by CoinGlass that traders of PEPE, WIF, and DOGE have experienced significant losses due to liquidations, primarily in the long position segment.
According to CoinGecko’s data, the categories of cat-themed meme coins and base meme coins experienced significant losses over the past night, with each category losing approximately 18.7% and 15.1% of their market capitalization respectively.
Losing only 3.1%, Bonk (BONK) looks like the best-performing meme coin today.
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2024-06-12 10:49