According to U.Today, the majority of meme cryptocurrencies are experiencing a downturn, with 90% of top meme coins posting double-digit losses. Despite this, two dog-themed coins from the top 200 cryptos by market cap have managed to surge. Based Brett (BRETT), one of the largest meme coins on the Base (BASE) blockchain, is down by 9.4% as of June 24, 2024, making it one of the worst-performing cryptos in the top 100. It only managed to outperform Ordi (ORDI) and Notcoin (NOT), while Uniswap (UNI) registers similar losses.
Based Brett (BRETT) is close to losing the $1.3 billion market cap level. Other major meme coins are also under pressure, with Shiba Inu (SHIB) and Pepe (PEPE) down by 5.2-5.3%. The market benchmark for the cryptocurrency segment is 4% today. Dogecoin (DOGE) lost 4.1%, while other large meme cryptos Bonk (BONK) and Floki (FLOKI) are also in the red but are slightly outdoing the market average. In total, the meme crypto segment lost 5% in the last 24 hours, according to CoinGecko data.
Despite the overall downturn, two large meme coins managed to post minor gains. Dogwifhat (WIF), a major Solana meme cryptocurrency, added 1.1%, while Mog Coin (MOG) is up by 4% on Ethereum (ETH) and Base (BASE) platforms. As the cryptocurrency market sees over $300 million erased in shorts and longs due to liquidations in the last 24 hours, meme coins are also among the worst affected. DOGE and PEPE traders lost over $7.5 million, while ConstituitionDAO (PEOPLE) and Dogwifhat (WIF) are also on the list of the 10 most affected cryptos, CoinGlass data shows. Bitcoin (BTC) is down by 4.8%, while Ethereum (ETH) lost 5.5% on the news of the multi-billion Mt. Gox compensation plan and geopolitical tensions.
