- The largest meme cryptocurrencies are 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.
- 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.
- In terms of meme segments, cat-themed coins are the worst sufferers of the current price drop. They lost 7% overnight.
Major meme coins including WIF, PEPE, and FLOKI are among the 10 worst performers on May 7, 2024, demonstrating significant volatility in the crypto market.
WIF, PEPE, FLOKI: Three major meme coins are amid 10 worst performers on May 7
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 a 1.6% price plunge.
Cat-themed meme coin segment sends mixed signals
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. However, in the meme segments, cat-themed coins are the worst sufferers of the current price drop, losing 7% overnight. The segment’s newcomer Catwifhat (CWIF), a WIF off-shoot from Solana (SOL), demonstrated a 75% jump in the past 24 hours. The token is already available on some tier-2 centralized crypto exchanges.
Conclusion
The meme coin segment of the cryptocurrency market is experiencing significant volatility with major coins like WIF, PEPE, and FLOKI witnessing substantial losses. The cat-themed meme coins have suffered the most, but the new entrant, Catwifhat (CWIF), has shown promising growth. As the market continues to fluctuate, investors are advised to tread carefully.
