According to U.Today, three of the ten worst-performing cryptocurrencies over the past week are major meme coins. Dogwifhat (WIF), Floki (FLOKI), and Bonk (BONK) all experienced double-digit losses. Additionally, Shiba Inu (SHIB) and Dogecoin (DOGE) also saw a decrease in value.
Dogwifhat (WIF), a dominant meme coin on Solana (SOL), lost nearly 25% of its value in the past week. This significant drop resulted in WIF's capitalization falling below $1.8 billion, causing the coin to lose its place among the top 50 altcoins. Similarly, Floki (FLOKI) and Bonk (BONK), two other major meme coins with large communities, also found themselves among the worst affected by the ongoing crypto downturn. FLOKI's price dipped by 16.8%, and its coin capitalization lost support at $1.65 billion. Bonk's (BONK) market cap is dangerously close to dipping below $1.4 billion.
The two largest meme cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB), lost 8.7% and 12.8% respectively. Dogecoin (DOGE) is on the verge of being replaced by Toncoin (TON) as the ninth largest crypto. During the same period, Bitcoin (BTC) and Ethereum (ETH) only lost 3% and 1.6% respectively, while XRP price managed to add 0.8%.
However, not all meme coins are experiencing a downturn. Some segments, particularly those associated with internet celebrities, have recorded new gains. Daddy Tate (DADDY), a small-cap meme coin on Solana (SOL) that is supported by social media influencer Andrew Tate, known as the 'King of Toxic Masculinity,' saw a 40% increase in value after a prolonged price dip. It's important to note that Daddy Tate (DADDY) has no formal links to Tate or his official representatives. The former kickboxer has promoted it as an alternative to Iggy Azalea's coin MOTHER.
