Meme coins lose value: BONK, WIF, DOGE under pressure
With seven-figure liquidations of long positions, meme cryptocurrencies were once again among the hardest hit by the cryptocurrency market's decline. The segment's net worth could fall below $50 billion while all major companies are underperforming the market.
Today, May 11, 2024, many cryptocurrency memes are in the red zone. While the cryptocurrency's net market cap is down 3.6%, all major dog coins are underperforming. Some nine-digit cryptocurrencies are even seeing double-digit losses. Image by CoinGecko
Overall, the meme coin industry lost 4.6% of its net worth. Among the top 10 meme coins by market cap, Popcat (POPCAT) suffered the most, losing 17.3% overnight. Its capitalization fell from $513 million to $425 million.
Some of the largest meme coins include Floki, Bonk and Dogwifehat.
witnessed the biggest losses with prices falling by 5%, 6.2% and 4.7%.
