Why BONK is the Meme Coin Equivalent of a Flat Tire

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As the cryptocurrency market continues its dramatic nosedive, the meme coin segment is feeling the heat like a cat in a sauna. Bonk (BONK), that large-cap dog coin that everyone thought would be the next big thing, is currently among the worst performers in the top 100. Meanwhile, Dogecoin (DOGE), the granddaddy of meme coins, is also underperforming like a high school band at a talent show.

BONK meme coin price bleeding, cap erases $100 million in 24 hours

Bonk (BONK), the meme cryptocurrency on Solana (SOL) that’s about as popular as a root canal, is experiencing double-digit losses today. In the last 24 hours, the Bonk price plummeted by over 11%. It hit a local low of $0.00001129, which is about as exciting as watching paint dry, according to CoinGecko data.

Other major meme coins are also in the red today, like a sad clown at a birthday party. Dogecoin (DOGE), the flagship cryptocurrency of the class, lost 7% and slipped to $0.1689. The Pepe (PEPE) meme coin is also down by 7%, proving that even cartoon frogs can’t escape the crypto curse.

Shiba Inu (SHIB) lost 5.4%, erasing almost $500 million. That’s right, folks, $500 million—enough to buy a small island or at least a decent yacht. The SHIB price hit a local low today in the early morning hours at $0.00001263, which is about as thrilling as a lukewarm cup of coffee.

The aggregated cryptocurrency market cap is down by 4.3%, while Bitcoin (BTC) and Ethereum (ETH), the big boys on the block, lost 3.4% each. It’s like watching a bunch of heavyweight boxers trip over their own feet.

Meme crypto liquidations target $50 million

Smaller meme coins are also posting double-digit losses, like a group of friends who all decided to wear the same outfit to a party. SPX6900 (SPX), one of Murad’s picks, dropped by 16.8% to $0.4531. The NFT-linked meme coin Pudgy Penguins (PENGU) lost 10.3% of its market capitalization, proving that even cute animals can’t save you from a bad investment.

As crypto closes Q1 2025 in the red, liquidations are accelerating faster than a toddler on a sugar high. In total, $344 million in positions, mostly longs, were liquidated in the last 24 hours. Meme coins contributed to this massive amount, with VINE, DOGE, PEPE, MUBARAK, and TUT being affected the most. Open interest on crypto contracts dropped by 4% in 24 hours, which is about as encouraging as a flat tire on a road trip.

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2025-03-29 15:44