As cryptocurrency market keeps losing value, the meme coin segment is under pressure. Bonk (BONK), a large-cap dog coin, is amid the worst performers today in the top 100. Dogecoin (DOGE), the largest meme cryptocurrency, also underperforms the market benchmark.
BONK meme coin price bleeding, cap erases $100 million in 24 hours
Bonk (BONK), a large meme cryptocurrency on Solana (SOL), is posting double-digit losses today. In the last 24 hours, the Bonk (BONK) price plunged by over 11%. Today BONK hit a local low at $0.00001129 at declining trading volume, CoinGecko data says.
Other major meme coins are also in the red today. Dogecoin (DOGE), the flagship cryptocurrency of the class, lost 7% and slipped to $0.1689. The Pepe (PEPE) meme coin is also 7% down.
Shiba Inu (SHIB) lost 5.4%, erasing almost $500 million. The SHIB price hit a local low today in early morning hours at $0.00001263.
The aggregated cryptocurrency market cap is down by 4.3%, while Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies, lost 3.4% each.
Meme crypto liquidations target $50 million
Smaller meme coins are also posting double-digit losses. SPX6900 (SPX), one of the largest Murad's picks, dropped by 16.8% to $0.4531. NFT-linked meme coin Pudgy Penguins (PENGU) lost 10.3% of its market capitalization.
As crypto is closing Q1, 2025 in the red, liquidations accelerate. 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, TUT being affected the most. Open interest on crypto contracts dropped by 4% in 24 hours.
Vladislav Sopov
Dan Burgin