BONK, WIF, and DOGE Emotion the Heat

Desk of Contents

Put together for a rollercoaster journey as meme cryptocurrencies face a extraordinary tumble in worth throughout the latest cryptocurrency industry downturn. The sector’s whole worthy of is in danger of dipping below $50 billion, with vital gamers failing to keep up with current market criteria.

Stunning News: Meme Cash Plunge in Value

As of these days, May 11, 2024, numerous meme coins have entered the realm of pink figures. Even with an general 3.6% minimize in cryptocurrency sector capitalization, popular canine-themed tokens are faring even worse. Some cryptocurrencies with nine-digit sector caps are exhibiting sizeable double-digit losses.

Illustration by CoinGecko

Throughout the meme coin sector, a substantial 4.6% of their overall valuation has dissipated. Between the top 10 meme cash by market cap, Popcat (POPCAT) seasoned the most intense decline, dropping 17.3% right away. Its current market cap plummeted from $513 million to $425 million.

Within the much larger meme coin category, Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) experienced the most considerable losses, with cost drops of 5%, 6.2%, and 4.7% respectively.

This downturn has resulted in the liquidation of sizeable extended positions. According to CoinGlass info, traders of Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) collectively misplaced $4.5 million in lengthy positions within a 24-hour period.

As Bitcoin (BTC) price ranges keep on to plummet, the cumulative quantity of extended liquidations has surpassed $131 million, with the greatest one liquidation amounting to $3.56 million.

Cat-Themed Fad: CWIF Skyrockets by 30%

When cat-themed meme cash battle, a single standout asset defies the odds. Catwifhat (CWIF), a Solana-centered WIF duplicate, surged by around 30% in the final working day, propelling it into the major 1,000 cryptocurrencies primarily based on industry cap.

In spite of a 6.9% lower, Solana meme cash sustain their situation as the seventh weakest sector in crypto in conditions of 24-hour performance, with a collective sector cap of $7 billion and dwindling investing action.

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