Meme Coin Bloodbath as PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits
Bitcoin reached a new peak of $95,000 hours ago but was rejected and pushed south by over a grand within minutes.
Although it has recovered some ground, many altcoins, especially from the meme coin niche, have plummeted hard, leaving over $400 million in liquidations on a daily scale.
The specific dump is evident by the plunging meme coin market cap. While that of the entire crypto market has dropped by 2.3% over the past 24 hours to $3.2 trillion on CG, the meme coins have lost more than 10% and their own capitalization has slumped from over $130 billion to $115 billion, according to CoinGecko.
The biggest losers over the past day include POPCAT, which has slumped by nearly 20%, and PNUT, which is down by 17%.
More double-digit losses from the largest 100 meme token alts come from the likes of BONK (-12%), WIF (-11.3%), and PEPE (-10.5%).
Recall that many of these assets registered impressive gains in the past few weeks. PEPE tapped a new all-time high after a few interactions with prominent exchanges like Coinbase and Robinhood. BONK did the same earlier today, but is down by more than 16% since then.
Even the two top dogs from the niche experienced painful declines but managed to recover most of the losses. DOGE stood at $0.4 at this time yesterday but dumped to $0.364. However, it has bounced off to $0.375 as of now. SHIB’s price performance is similar on a daily scale and is down by 6.5% since yesterday.
CoinGlass data shows that the total value of wrecked positions in the past 24 hours equal $415 million, with longs responsible for the lion’s share ($311 million). BTC is not in the first position, as others – most likely lower-cap memes, have taken the lead. North of 160,000 traders were liquidated within this timeframe.
The post Meme Coin Bloodbath as PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits appeared first on CryptoPotato.