WIF, PEPE and BONK are among the poorest performers

TL;DR

Numerous major cryptocurrencies and meme coins suffered significant losses following a market-wide decline in the past few hours. Dogecoin (DOGE) and Shiba Inu (SHIB) are among those affected, and the SHIB burn mechanism has recently halted its progress. The Pullback

The cryptocurrency sector experienced a severe correction in the last 24 hours, which erased much of the gains recorded last week. The global crypto market cap is currently below $2.2 trillion, with Bitcoin (BTC) falling below $60,000 and Ethereum (ETH) missing the $2,500 resistance level.

The situation in the meme coin niche is no better, with numerous tokens plummeting by double digits on a daily basis. The household names that were hardest hit were Solana-based Dogwifhat (WIF) and Bonk Inu (BONK), which each fell 10%.

WIF Price, Source: CoinGecko

The largest frog-themed meme coin, Pepe (PEPE), is also down almost 10%, while rival Brett (BRETT) is down 7%.

Popcat (POPCAT) is the only meme coin in the top 20 list that has witnessed some increase in price. It has increased by 3% in the last 24 hours and by 60% weekly.

The cat-themed token is currently trading around $0.71 (according to CoinGecko data) and has a market cap of over $700 million. It is the largest of its cohort, followed by Cat in a Dogs World (MEW) and Mog Coin (MOG).

What about the leaders?

The biggest meme coins: Dogecoin (DOGE) and Shiba Inu (SHIB) are also falling, albeit in a more modest way. The former is currently trading south of $0.10, representing a 6.5% daily decline. It remains one of the top 10 cryptocurrencies, with a market capitalization of around $14.5 billion.

Self-proclaimed Dogecoin killer SHIB has seen a similar decline and is worth approximately $0.00001377 so far.

Its price drop coincides with the poor performance of the layer 2 scaling solution: Shibarium. Active accounts and daily transactions processed with the protocol have fallen over the past week, generally indicating a decrease in user engagement and network activity.

Shiba Inu’s recording program has also failed to impress. Over the past 24 hours, the burn rate has sunk to 100%, as the team has not destroyed a single token.

The ultimate goal of the mechanism is to reduce the huge circulating supply of SHIB, making it scarcer and potentially more valuable over time (if demand remains or increases).

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