Meme Coin Bloodbath: Base, Solana Meme Cryptos Decimated

Cover image via U.Today

Shiba Inu and Dogecoin Competitors on Solana and Base Face Pressure Amidst Bitcoin Drop

As Bitcoin (BTC) dipped below $60,000, meme cryptocurrencies on Solana (SOL) and Base (BASE) blockchains have come under pressure. Over the past seven days, the Base meme crypto scene has lost over a third of its value.

Base Meme Coins Segment Suffers 24% Drop in 24 Hours

Base (BASE) and Solana (SOL) meme cryptocurrencies have once again been among the most significantly impacted altcoins during a widespread crypto price decline. In the last 24 hours, meme coins on Base (BASE) have seen nearly 24% of their capitalization wiped out. Image by CoinGecko

Low-cap assets within the Base (BASE) meme coin ecosystem have experienced the most significant losses. However, flagship coins such as BRETT, DEGEN, and HIGHER have also witnessed 10%-15% declines.

Cat-themed meme coins constitute the fifth most severely affected category on CoinGecko, with a 17% overnight loss. However, its leaders, Cat In The Dog World (MEW) and Mog Coin (MOG), have recorded minimal 3-4% losses, outperforming the broader crypto market.

The Solana (SOL) meme coin ecosystem has lost 15% in 24 hours, with leaders WIF, BONK, and BOME experiencing only 1-6% price decreases.

Crypto Liquidations Approach $400 Million

In the last 24 hours, the total capitalization of cryptocurrency markets has plummeted by 3.9%. Bitcoin (BTC), the leading cryptocurrency, has lost 5.7% of its value.

This decline has been attributed to the conclusion of Binance CEO CZ's trial and the lackluster launch of Hong Kong's crypto-based spot ETFs.

As a consequence, numerous Bitcoin (BTC) and altcoin futures traders have been liquidated in the past 24 hours. CoinGlass data indicates that over $390 million in positions, primarily longs, have been erased.

Bitcoin (BTC) and Ethereum (ETH) account for $250 million of this total.