With seven-digit long liquidations, meme cryptocurrencies are once again among the hardest hit by the cryptocurrency market crash. The segment’s net valuation could fall below $50 billion, while all the big companies are doing worse than the market benchmark.
With seven-digit long liquidations, meme cryptocurrencies are once again among the hardest hit by the cryptocurrency market crash. The segment’s net valuation could fall below $50 billion, while all the big companies are doing worse than the market benchmark.
All major meme coins are in red: BONK, WIF, FLOKI underperform
Today, May 11, 2024, many meme cryptocurrencies are in the red zone. While the net cryptocurrency market capitalization lost 3.6%, all major dog coins are performing worse. Some cryptocurrencies with nine-digit limits even show double-digit losses.
In general, in the field of meme coins, 4.6% of their net valuation was erased. Among the top 10 meme coins by market cap, Popcat (POPCAT) suffered the worst, losing 17.3% overnight. Its capitalization fell from $513 million to $425 million.
Among the largest meme coins, Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) witnessed the largest losses with price reductions of 5%, 6.2%, and 4.7%.
This fall is accompanied by significant liquidated long positions. According to data from CoinGlass, traders on Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) lost $4.5 million in long positions in 24 hours.
Amid falling Bitcoin (BTC) prices, net long liquidation volume exceeded $131 million in equivalent, with a loss of $3.56 million on the largest single liquidation.
Dogwifhat’s (WIF) Feline-Themed Spinoff Is Standalone: CWIF Jumps 30%
When it comes to segment performance, cat-themed meme coins are the weakest among 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 more than 30% in the last day and moved into the top 1000 cryptocurrencies by market capitalization.
With a 6.9% loss, Solana meme coins remain the seventh weakest category in crypto in terms of 24-hour performance. The capitalization of the segment foresees 7 billion dollars with a decreasing volume of operations.
