According to U.Today, the recent crash in the cryptocurrency market, triggered by the commencement of Mt. Gox compensation payouts, has seen meme coins demonstrating resilience. Among the top three performing cryptocurrencies in the top 100, two are meme coins.
In the past 24 hours, despite the significant downturn in the cryptocurrency market, Bonk (BONK), a leading multi-chain meme coin, has managed to increase by over 7.5%. The capitalization of BONK is nearing the significant $1.5 billion mark, according to data from CoinGecko.
Meanwhile, Dogwifhat (WIF), the most popular meme coin on Solana (SOL), has also seen positive performance. With a 3.2% increase, its capitalization remains above $1.8 billion. As a result, Dogwifhat (WIF) has emerged as the best performing crypto asset in the top 50.
In the top 100, MultiversX (formerly Elrond, EGLD) is the clear leader, with a 10% gain. However, the overall capitalization of the cryptocurrency market has decreased by 3.8%. The meme coins segment has lost 11.4% of its value in 24 hours.
The largest crypto assets have also seen a decline: Bitcoin (BTC) lost 2.8%, while the Ethereum (ETH) price dropped by nearly 5% overnight. This downturn is largely attributed to the news about compensations to the victims of the 2014 Mt. Gox exchange collapse. The released BTC and BCH allocations are expected to create selling pressure on crypto.
In the last 24 hours, Bitcoin (BTC) traders have lost $578 million due to liquidations, as per CoinGlass data. Of this amount, $446 million were long positions.