According to U.Today, the largest meme cryptocurrencies are once again showing greater volatility compared to the rest of the cryptocurrency market. On May 7, 2024, the meme cryptocurrency segment is under pressure, with all of the largest coins in this sphere showing larger losses compared to the market's benchmark.
Dogwifhat (WIF), a flagship meme coin of the Solana (SOL) ecosystem, has seen a decrease of over 4.2% in the last 24 hours. Its market cap has plunged below $3.5 billion. Pepe (PEPE), a major meme coin on Ethereum (ETH) and Arbitrum (ARB), is also among the worst performers, with a loss of 3.9% in 24 hours. Floki (FLOKI), one of the largest dog-themed meme cryptos, has seen 2.8% of its market capitalization erased in the past day. Shiba Inu (SHIB) has also suffered, with its cap dropping below $14 billion after a 1.6% price plunge.
In contrast, the overall capitalization of the cryptocurrency market is only down 1%. Dogecoin (DOGE), with its 0.5% losses, is the only major meme coin that has outperformed the market.
In the meme coin segments, cat-themed coins have been the worst hit by the current price drop, losing 7% overnight. However, the segment's newcomer Catwifhat (CWIF), a WIF off-shoot from Solana (SOL), has shown a 75% jump in the past 24 hours. The token is already available on some tier-2 centralized crypto exchanges.