Meme Coin Bloodbath: WIF, PEPE, and BONK Are Among the Poorest Performers

Meme Coin Bloodbath

In the past hours, several major cryptocurrencies and meme coins have experienced significant losses due to a broader market decline.

Dogecoin (DOGE) and Shiba Inu (SHIB) have been affected, with SHIB's burning mechanism showing signs of slowing down.

The Correction

Over the past 24 hours, the cryptocurrency sector has faced a severe correction, erasing gains made last week. The global crypto market capitalization has fallen below $2.2 trillion, with Bitcoin (BTC) falling below $60,000 and Ethereum (ETH) losing the $2,500 level.

Meme coins have also been hit hard, with many tokens losing double-digit percentages on a daily basis. Solana-based dogwifhat (WIF) and Bonk Inu (BONK) are among the most affected, down by approximately 10%.

Leading Meme Coins

Dogecoin and Shiba Inu, the largest meme coins, have also experienced declines, albeit to a lesser extent. DOGE is trading just below $0.10, a 6.5% decrease, while SHIB has lost a similar amount, currently valued at around $0.00001377.

Shiba Inu's Burning Mechanism

SHIB's price retreat coincides with the poor performance of Shibarium, its layer-2 scaling solution. Active accounts and daily transactions have been declining, indicating a drop in user engagement.

Additionally, SHIB's burning program has not been active in the past 24 hours, with no tokens being destroyed. The program aims to reduce the circulating supply and potentially increase the value of SHIB in the long run.