Meme Coin Bloodbath: Base, Solana Meme Cryptos Decimated

Shiba Inu (SHIB) and Dogecoin (DOGE) competitors on Solana (SOL) and Base (BASE) blockchains are under pressure as Bitcoin (BTC) dropped below $60,000. In the last seven days, the Base meme crypto scene lost over one-third of its value.

Base meme coins segment loses 24% in 24 hours

The segments of Base (BASE) and Solana (SOL) meme cryptocurrencies are yet again among the most affected categories of altcoins hit by a massive crypto price flush. In the last 24 hours, meme coins on Base (BASE) saw almost 24% of their capitalization erased.

Among all Base (BASE) meme coins, the biggest losses are registered by low-cap assets. However, flagship coins of the Base (BASE) meme crypto ecosystem - BRETT, DEGEN, HIGHER - also witnessed 10%-15% drops. 

Cat-themed meme coins represent the fifth worst affected category on CoinGecko, with 17% lost overnight. However, its leaders - Cat In The Dog World (MEW) and Mog Coin (MOG) - printed tiny 3-4% losses and, therefore, even outperformed the crypto market as a whole.

The Solana (SOL) meme coin ecosystem lost 15% in 24 hours with leaders WIF, BONK and BOME only erasing 1-6% of their prices.

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Sat, 04/27/2024 - 15:15

Meme Coins Prices Dropdown Continues, Data Says

Vladislav Sopov

As covered by U.Today previously, meme coins on Solana (SOL) and Base (BASE) were also hit by last weekend's price plunge.

Crypto liquidations near $400 million

In the last 24 hours, total capitalization of cryptocurrency markets plummeted by 3.9%. Bitcoin (BTC), the flagship cryptocurrency, lost 5.7% of its value.

This flush can be attributed to the end of Binance's CZ trial and the paltry start of Hong Kong crypto-based spot ETFs.

As a result, numerous Bitcoin (BTC) and altcoin futures traders were liquidated in the last 24 hours. Over $390 million in positions, mostly longs, were erased, CoinGlass's data shows.

Bitcoin (BTC) and Ethereum (ETH) are responsible for $250 million of this sum.