Bloodbath Meme Coin like PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits

Bitcoin hit a new peak of $95,000 hours ago, but was rejected and pushed south within minutes.

While it has regained some ground, many altcoins, especially in the meme coin niche, have plummeted, leaving over $400 million in liquidations on a daily basis.

The specific dumping is evident from the drop in the market capitalization of meme coins. While the entire crypto market is down 2.3% over the past 24 hours to $3.2 trillion in CG, meme coins have lost over 10% and their own capitalization has reduced from over $130 billion to $115 billion, according to CoinGecko.

Biggest losers over the last day include POPCAT, down nearly 20%, and PNUT, down 17%.

More double-digit losses of the 100 largest meme alternatives came from BONK (-12%), WIF (-11.3%) and PEPE (-10.5%).

We recall that many of these assets posted impressive gains in recent weeks. PEPE hit a new all-time high after some interactions with prominent exchanges like Coinbase and Robinhood. BONK did the same today, but is down over 16% since then.

Even the two top dogs in the niche experienced painful declines, but managed to recoup most of their losses. DOGE was at $0.4 at this time yesterday but dropped to $0.364. However, it has bounced back to $0.375 as of now. SHIB price performance is similar on a daily basis and is down 6.5% since yesterday.

CoinGlass data shows that the total value of positions destroyed in the last 24 hours equals $415 million, with longs responsible for the lion’s share ($311 million). BTC is not in the top position as others, probably low cap memes, have taken the lead. North of 160,000 merchants were liquidated in that time period.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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