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SHIB Rivals BONK, WIF in Green Despite Plummenting Markets

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Fri, 5/07/2024 - 16:01
SHIB Rivals BONK, WIF in Green Despite Plummenting Markets
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Amid the dramatic crash of cryptocurrency markets caused by the start of Mt. Gox compensation payouts, the largest meme coins look strong. Out of the three best performing cryptos in the top 100, two assets belong to the meme cryptocurrencies category.

Dogwifhat (WIF), Bonk (BONK) amid best performers as crypto collapses

In the last 24 hours, amid painful collapse on cryptocurrency markets, Bonk (BONK), one of the biggest multi-chain meme coins, managed to gain more than 7.5%. BONK capitalization is one step from reaching the major $1.5 billion level, CoinGecko data says.

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Image by CoinGecko

Its competitor, Dogwifhat (WIF), the most popular meme coin on Solana (SOL), is also in the green. Up by 3.2%, its capitalization remains above $1.8 billion.

Therefore, Dogwifhat (WIF) has become the best performing crypto asset in the top 50. MultiversX (formerly Elrond, EGLD) is the undisputed leader in the top 100, with 10% gains.

The aggregated capitalization of cryptocurrency market dropped by 3.8%. Meme coins segment lost 11.4% of its value in 24 hours.

$578,000,000 erased: Worst day for bulls since mid-April

The biggest crypto assets are also in the red: Bitcoin (BTC) lost 2.8%, while the Ethereum (ETH) price is down by almost 5% overnight.

As covered by U.Today previously, the global cryptocurrency market piled on the news about compensations to the victims of Mt. Gox exchange's collapse in 2014. The released BTC and BCH allocations will create selling pressure on crypto.

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In the last 24 hours, Bitcoin (BTC) traders lost $578 million thanks to liquidations, CoinGlass data says. Out of this sum, $446 million were long positions.

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