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.
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.
Dan Burgin
Vladislav Sopov