Floki Inu Struggles to Stay in Top 50 Amid Market Slowdown

• The cryptocurrency segment is showing a lackluster performance, with meme coins being among the worst affected.
• AI-focused cryptocurrencies are also under pressure, shedding market value as interest wanes.
• Among the meme coins, Floki Inu (FLOKI) is particularly close to dropping out of the top 50 digital assets by market capitalization.

Explore the current state of meme and AI cryptocurrencies as they navigate a challenging market landscape, with key details on their recent performance.

BRETT, FLOKI, BONK among Worst Performing Top 100 Cryptos

As of June 10, 2024, meme coins are experiencing significant downturns despite a relatively stable overall cryptocurrency market. “Based Brett” (BRETT), a key meme coin on Coinbase’s Base, marketed as “Pepe’s friend on Base,” stands out by losing more than 10% overnight, making it the only top 100 cryptocurrency with such a sharp decline.

In a 24-hour span, Based Brett (BRETT) saw a 10.2% drop. Floki (FLOKI) declined by 5.2%, putting it at risk of being overtaken by The Graph (GRT) in terms of market cap, potentially knocking it out of the top 50 cryptocurrencies.

Bonk (BONK), another heavily promoted meme coin on the Solana (SOL) platform, recorded a 4.3% loss. In comparison, other well-known meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB) both experienced minor declines of around 1%, aligning with today’s market benchmark.

While meme coins on the Base network expanded their rallies, Base (BASE) itself has surpassed OP Mainnet in total value locked (TVL). ChompCoin (CHOMP) surged by over 40% in a single day, while Basenji (BENJI) appreciated by 14%, aiming for a $90 million valuation milestone.

AI Coins Under Pressure as Well

Overall, Base meme coins collectively increased by 12.1% overnight, according to CoinGecko data. However, the sector of AI-focused cryptocurrencies is struggling. With diminishing interest in AI cryptos, these assets are witnessing a decline in market capitalization.

Fetch.AI (FET), a leading AI coin, fell by 2.6%, mirroring a similar drop by its competitor, Oraichain (ORAI). Cardano-associated AI protocol Singularity.NET (AGIX) faced a 4% loss.

On the other hand, Bitcoin (BTC) traded at $69,510, marking a 0.8% increase over the last 24 hours.

Conclusion

In summary, the cryptocurrency market continues to exhibit volatility, with meme and AI cryptocurrencies facing notable challenges. As meme coins struggle to maintain their standings, and AI tokens grapple with waning interest, investors must remain vigilant and informed to navigate these unpredictable waters.