The cryptocurrency market experienced another drop on Monday morning, with all major currencies seeing notable declines.

For example, ETH fell below $3,000 again, down 4% on the day. XRP fell 5%, and bulls are currently struggling to defend the key $0.4 level.

Large-cap altcoins are absolutely no exception, and they are all in the red. The decline in the past few hours has led to the liquidation of nearly $300 million in leveraged positions, most of which are long positions. Although $113 million are short positions, which indicates volatile price action.

However, one category that has been hit hard is meme coins. According to CoinGecko, the entire meme coin industry has fallen by 10% in the past 24 hours alone.

DOGE fell 6.4%

SHIB fell 4.8%

PEPE fell 10%

WIF fell 9.5%

BONK fell 6%

FLOKI fell 6%

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