It looks like the euphoria around meme coins might be finally gone. Out of the 10 worst performing categories on CoinGecko, five are associated with meme cryptocurrencies. At the same time, the most painful losses are associated with small-caps.
Base, Solana meme coin ecosystems bleeding: Double-digit losses registered in 24 hours
In the last 24 hours, amid the general crypto market apathy, meme-associated coins are yet again suffering the most. Two ecosystems demonstrated the worst performance metrics. Meme coins on Base, a Coinbase L2 for Ethereum (ETH), lost over 18% of value overnight.
The aggregated capitalization of 38 largest Base meme coins dropped to $142 million. Brett (BRETT) meme coin’s price plummeted by over 40%.
Solana’s (SOL) meme coin segment erased 12.6% of its value. The net market capitalization of Solana-based meme cryptocurrencies barely exceeds $1.67 billion.
Also, cat-themed meme coins and BRC-20 assets (some tokens in this category are also associated with memes) are amid the worst performers.
While cat coins’ value plunged by 8.8%, BRC-20 cryptocurrencies lost 8.7% of the total value.
$8.5 million worth of DOGE, WIF, BONK positions liquidated, mostly longs
This dropdown in the meme coin sphere triggered eight-digit liquidations on futures markets. Dogecoin (DOGE), Dogwifhat (WIF), Bonk (BONK) and Pepe (PEPE) are the worst sufferers here.
With $150 million in total liquidated in the last 24 hours, three largest meme coins are responsible for $8.5 million in equivalent lost.
Over 80% of this sum should be attributed to long positions.
The total crypto market capitalization is down by 2%, data says.
Read the full article here
