Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Meme Coin Bloodbath as PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits

Meme Coin Bloodbath as PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits

CryptopotatoCryptopotato2024/11/19 16:00
By:Author: Jordan Lyanchev

Almost all meme coins in the top 100 alts are down by double digits now.

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Trump and Wall Street: How long will the love affair last?

Share link:In this post: Wall Street loved Trump’s win at first—stocks jumped, Bitcoin soared, and borrowing costs hit rock bottom, but some sectors started cracking fast. Tax cuts and deregulation made financial and energy stocks shoot up, but tariffs and plans to deport workers freaked out economists and markets. Tariffs mean higher prices for Americans, and even Walmart’s warning it’ll have to raise prices if Trump pushes through with his trade war.

Cryptopolitan2024/11/24 03:44

OpenAI could face a bigger problem than Elon Musk’s lawsuit against it

Share link:In this post: OpenAI’s much bigger threat comes from government regulation since it has more power than Elon Musk. If the government chooses to investigate the shift of OpenAI from a non-profit to a Public Benefit Corporation, there will be severe repercussions. The AI company’s dual model has sparked controversies

Cryptopolitan2024/11/24 03:44

Spot Bitcoin ETFs see record $2.42B inflows as Chinese ETFs suffer historic $2B outflows

Share link:In this post: Spot Bitcoin Exchange Traded Funds saw almost $2.5 billion in investments in a single week. However, the Chinese ETFs have seen a series of outflows, amounting to $2 billion worth of withdrawals. The Bitcoin rally helped elevate the spot ETF market, especially with Bitcoin close to reaching $100000.

Cryptopolitan2024/11/24 03:44

The clash of Bitcoin and benchmark stock indexes

Share link:In this post: The S&P 500 is up 25% this year, with financial and cyclical stocks leading, boosted by optimism around a Trump administration and steady economic growth. Bitcoin has surged 40% this month, nearing $100,000, driven by aggressive trading, retail investor enthusiasm, and headlines hinting at government support. MicroStrategy’s stock hit a $100 billion market cap, tripling its Bitcoin holdings’ value, but its wild 32% drop from intraday highs shows cracks in the frenzy.

Cryptopolitan2024/11/24 03:44