The largest meme cryptocurrencies are yet again demonstrating more significant volatility compared to the rest of the cryptocurrency market. Overhyped cryptocurrency Dogwifhat (WIF), a flagship meme coin of the Solana (SOL) ecosystem, is down by over 4.2% in the last 24 hours.
WIF, PEPE, FLOKI: Three major meme coins are amid 10 worst performers on May 7
Today, May 7, 2024, the segment of meme cryptocurrencies is under pressure. All of the largest coins in this sphere demonstrate larger losses compared to the market's benchmark.
Dogwifhat (WIF), the most popular Solana meme coin of Q4, 2023, sees its market cap plunging below $3.5 billion as it loses 4.2% overnight.
Pepe (PEPE), a major meme coin on Ethereum (ETH) and Arbitrum (ARB), is also among the worst performers, with 3.9% lost in 24 hours.
Then, Floki (FLOKI), one of the largest dog-themed meme cryptos, has seen 2.8% of its market capitalization erased in the past day.
Shiba Inu (SHIB) is also among the worst performers; its cap dropped below $14 billion after s 1.6% price plunge.
Cat-themed meme coin segment sends mixed signals
To provide context, the overall capitalization of the cryptocurrency market is only down 1%. As such, Dogecoin (DOGE), with its 0.5% losses, is the only major meme coin that has outperformed the market.
In terms of meme segments, cat-themed coins are the worst sufferers of the current price drop. They lost 7% overnight.
However, the segment's newcomer Catwifhat (CWIF), a WIF off-shoot from Solana (SOL), demonstrated 75% jump in the past 24 hours. The token is already available on some tier-2 centralized crypto exchanges.
Dan Burgin
Vladislav Sopov