Dogwifhat, Pepe Among Biggest Memecoin Losers Amid Dramatic Crypto Market Downturn But PopCat Continues To Pop

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

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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.

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