Cryptocurrency Update: BONK, WIF, DOGE Coins Face Value Decline – A Deep Dive into Meme Coin Market Trends

  • Major meme cryptocurrencies are experiencing a significant drop, with the segment’s net valuation potentially falling below $50 billion.
  • Among the largest meme coins, Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) have seen the most significant losses.
  • Catwifhat (CWIF), a Solana WIF copycat, stands out with a 30% increase in the last day.

Amid a market downturn, major meme coins are underperforming, while Catwifhat (CWIF) bucks the trend with a 30% spike.

Major Meme Coins in Red: BONK, WIF, FLOKI Underperforming

Today, May 11, 2024, many meme cryptocurrencies are experiencing a downturn. The overall cryptocurrency market capitalization has lost 3.6%, but major dog coins are faring even worse. Some cryptocurrencies with nine-digit caps are showing double-digit losses. The meme coin sector has seen 4.6% of its net valuation erased. Among the top 10 meme coins by market cap, Popcat (POPCAT) has suffered the most, with a 17.3% loss overnight. Its capitalization has plunged from $513 million to $425 million. Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) have also seen significant losses, with price reductions of 5%, 6.2%, and 4.7% respectively.

Significant Long Positions Liquidated

These losses have been accompanied by a significant liquidation of long positions. According to CoinGlass data, traders of Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) have lost $4.5 million worth of long positions in the last 24 hours. With Bitcoin (BTC) prices also falling, the net volume of long liquidations has exceeded $131 million in equivalent, with $3.56 million lost in the largest single liquidation.

Dogwifhat (WIF) Cat-Themed Spin-Off Stands Alone: CWIF Spikes by 30%

While most meme coins are struggling, Catwifhat (CWIF), a Solana WIF copycat, is showing a different trend. It has seen a 30% increase in the last day and has broken into the top 1,000 cryptocurrencies by market cap. However, Solana meme coins as a whole are the seventh weakest category in crypto in terms of 24-hour performance, with a 6.9% loss. The segment’s capitalization is currently around $7 billion, with shrinking trading volume.

Conclusion

The meme coin market is currently experiencing a significant downturn, with many major coins underperforming. However, there are exceptions to this trend, such as Catwifhat (CWIF), which has seen a significant spike. Traders should keep a close eye on the market, as these trends could potentially indicate larger shifts in the cryptocurrency landscape.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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