Falling amplifier, memes under pressure: BONK, WIF, DOGE underperform
Major meme tokens all fall: BONK, WIF, FLOKI underperform, a large number of meme cryptocurrencies are in a downtrend. While the net crypto market cap fell by 3.6%, all major dogecoins performed poorly.
Overall, the memecoin sector saw a 4.6% wiped out of its net valuation. Among the top 10 meme coins by market cap, Popcat (POPCAT) suffered the most, falling 17.3% overnight. Its capitalization plummeted from $513 million to $425 million.
Among the largest meme coins, Floki, BONK, and WIF fell the most, with price cuts of 5%, 6.2%, and 4.7%, respectively.
This decline was accompanied by the liquidation of a large number of long positions. DOGE, BONK, PEPE, and WIF lost $4.5 million worth of long positions in 24 hours.
In the case of Bitcoin's plummeting price, long liquidations netted more than $131 million equivalent, with the largest single liquidation losing $3.56 million.
Cat-themed derivatives stand out: CWIF surges 30%
The unique cat-themed meme coin Dogwifhat (CWIF) rose 30% alone. In terms of performance in the category, cat-themed meme coins have performed the weakest among all digital assets. Overall, they are down 11.9% in the past 24 hours.
Meanwhile, showing the opposite performance, Catwifhat (CWIF), a Solana WIF knockoff, has grown more than 30% in the past day and exploded into the top 1,000 cryptocurrencies by market cap.
Solana's meme coin remains the seventh weakest category among cryptocurrencies in 24-hour performance, losing 6.9%. The market cap of the category is on track to reach $7 billion, but trading volume is shrinking.
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