Leading memecoins fell sharply Tuesday in response to the broader cryptocurrency market decline.
What happened: Solana SOL/USD-based dogwifhat led the decline, dropping more than 13% in the last 24 hours. The dog-themed coin's trading volume rose 18% to $428 million in the last 24 hours.
Ethereum ETH/USD-based Pepe was also among the biggest memecoin losers, shedding over 10% of its value in the last 24 hours. Trading volume for the frog-themed token surged 18% to $750 million.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:05 p.m. EDT) |
| dogwifhat WIF/USD | -13.38% | $1.55 |
| Pepe PEPE/USD | -10.51% | $0.000007676 |
| Bonk BONK/USD | -9.22% | $0.00001793 |
See Also: Coinbase Leads The Blockchain Industry’s Unprecedented Donation Spree In 2024 Election
Another popular $1 billion capitalization memecoin, Bonk, recorded losses of 9.22%.
Blue-chip coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD also got hit, dropping 5.94% and 6.05% in the last 24 hours.
Defying the decline, Popcat POPCAT/USD rose 3.89% in the last 24 hours. Note that the cat-themed cryptocurrency was the meme sector’s best performer this year, returning a whopping 8813% year-to-date.
The overall memecoin market capitalization shrank to $38 billion, representing a 24-hour decline of 6.2%.
Why It Matters: The memecoin meltdown was part of the broader market plunge that saw Bitcoin BTC/USD and Ethereum ETH/USD plummet steeply Tuesday evening.
The total cryptocurrency liquidations exceeded $319 million in the last 24 hours, according to Coinglass, with long liquidations accounting for 89% of the total.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
