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SHIB Rival WIF Worst Performer in Top 100 as Crypto Dips

Sat, 8/06/2024 - 14:57
SHIB Rival WIF Worst Performer in Top 100 as Crypto Dips
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Amid the most painful crypto plunge since mid-April, meme cryptocurrencies registered double-digit losses. Dogwifhat (WIF) and Bonk (BONK) dropped below major capitalization levels.

WIF collapses: Worst performing crypto in past 24 hours down by 18%

Dogwifhat (WIF), a mid-cap meme cryptocurrency and the fourth largest digital asset in this category, demonstrates the largest losses in 24 hours compared to all the top 100 cryptos on CoinGecko.

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Image by CoinGecko

Dogwifhat's (WIF) capitalization dropped below the significant level of $3 billion. WIF is one step away from being replaced by FLOKI as the fourth largest meme coin.

The largest meme coins — Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) — are performing much better, with 9.7%, 7.5% and 11.3% respective losses.

In total, meme coin traders lost at least $20 million in long positions in the last 24 hours due to the liquidations, CoinGlass data says. The net amount of liquidations eclipsed $415 million in equivalent, the largest since April 13, 2024.

The aggregated capitalization of the crypto market lost 3.2%, while Bitcoin (BTC), the largest crypto, is 3.5% down in the last 24 hours.

WSB meme coins lost 30% in 24 hours

At the same time, even in this painful collapse, small-sized meme coins are demonstrating amazing gains. For instance, Base meme crypto Basenji (BENJI) spiked by 33% in one day and reached a $70 million capitalization. Chompcoin (CHOMP) added 20%.

However, amid the general disappointment around the hotly-anticipated stream of Roaring Kitty, an iconic influencer of "Reddit investors," WallStreetBets-themed meme coins are bleeding.

GME, a meme coin that commemorates an eponymous stock, plunged by 33% and almost left the club of nine-digit coins.


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