Meme Coins Losing Value: BONK, WIF, DOGE Under Pressure

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Sat, 05/11/2024 - 15:44
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With seven-digit long liquidations, meme cryptocurrencies are yet again among the worst sufferers of the cryptocurrency market drop. The segment's net valuation might dip below $50 billion while all majors are doing worse than the market benchmark.

All major meme coins are in red: BONK, WIF, FLOKI underperforming

Today, May 11, 2024, plenty of meme cryptocurrencies are in the red zone. While the net cryptocurrency market capitalization lost 3.6%, all major dog coins are performing worse. Some cryptos with nine-digit caps even demonstrate double-digit losses.

Image by CoinGecko

Overall, the sphere of meme coins saw 4.6% of its net valuation being erased. In the top 10 meme coins by market cap, Popcat (POPCAT) suffered the worst, with 17.3% lost overnight. Its capitalization plunged from $513 million to $425 million.

Amid the largest meme coins, Floki (FLOKI), Bonk (BONK) and Dogwifhat (WIF) witnessed the largest losses with 5%, 6.2% and 4.7% price reductions.

Such a dropdown is accompanied by significant long positions liquidated. As per CoinGlass data, traders of Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE) and Dogwifhat (WIF) lost $4.5 million worth of long positions in 24 hours.

Amid plummeting Bitcoin (BTC) prices, the net volume of long liquidations exceeded $131 million in equivalent, with $3.56 million lost in the largest single liquidation.

Dogwifhat (WIF) cat-themed spin-off stands alone: CWIF spikes by 30%

When it comes to the segment's performance, cat-themed meme coins are the weakest amid all digital assets. In total, they lost 11.9% in the last 24 hours.

At the same time, a single asset demonstrates the opposite performance. Catwifhat (CWIF), a Solana WIF copycat, added over 30% in the last day and exploded into the top 1,000 cryptos by market cap.

With 6.9% lost, Solana meme coins remain the seventh weakest category in crypto in terms of 24 hour performance. The segment's capitalization eyes $7 billion at shrinking trading volume.