### Meme Coins Are Bleeding!!!!!!!!!!

In the last 24 hours, meme coins have taken a heavy hit, experiencing double-digit losses in two key ecosystems. The worst performers are from Base, Coinbase's Layer 2 solution for Ethereum, and Solana's meme coin segment:

- Base's Meme Coin Ecosystem: The market capitalization of 38 of the largest Base meme coins dropped by more than 18%, falling to $142 million. Brett (BRETT), a prominent meme coin on this platform, saw its price crash by over 40%

- Solana's Meme Coin Ecosystem: The total value of Solana-based meme coins dropped by 12.6%, leaving their combined market capitalization at just $1.67 billion.

Cat-themed meme coins and BRC-20 assets (including some meme tokens) also suffered significant losses, with declines of 8.8% and 8.7%, respectively 🐱. It seems the meme coin hype is losing steam, causing a cascade of losses across multiple platforms.

Massive Liquidations on Futures Markets

This downturn in the meme coin market has triggered large-scale liquidations on futures markets. Popular meme coins like Dogecoin , Dogwifhat, Bonk , and Pepe are the worst hit. In total, over $150 million worth of futures positions were liquidated in the last 24 hours, with $8.5 million of this coming from meme coins 😱.

Dogecoin accounts for the majority of these liquidations, with over 80% attributed to long positions that were betting on a price increase. Unfortunately, the continuing decline in meme coin values has led to substantial losses for these long positions 💸.

What's Next for Meme Coins?

It's important to remember that the crypto market is highly unpredictable, and meme coins could bounce back with the right catalyst or trend. Until then, investors should exercise caution and consider the risks associated with meme coins before making any significant moves.

Stay Informed and Stay Safe

Keep an eye on market trends and be sure to stay informed about the broader crypto market's health. If you found this information helpful, don't forget to follow and share your thoughts 🙌.$BONK $PEPE $WIF #PEPE❤️ #Memecoins