Meme Coins Flash Crash As Pepe, Dogwifhat, And Shiba Inu Plunge Amid 8% Sector Selloff

Meme Coins Experience Significant Declines

Over the past 24 hours, popular meme coins such as Pepe (PEPE), Dogwifhat (WIF), and Shiba Inu (SHIB) have witnessed steep falls, eroding weekly gains.

As of 3:40 a.m. EST, the total market capitalization for meme coins has plummeted by over 8% to $62.65 billion. This downtrend follows a notable loss for Dogecoin (DOGE), the largest meme coin by market cap, which has fallen by more than 4%.

Leading Meme Coins See Double-Digit Losses

Cat in a Dogs world (MEW) has been the most impacted among the top 10 meme coins, shedding over 21% of its value. The second-largest 24-hour loss was recorded by Solana's Bonk (BONK), which declined by 20%.

Additionally, PEPE, WIF, FLOKI, Book of Meme (BOME), and Memecoin (MEME) have all suffered double-digit losses. The only exception is DOG•GO•TO•THE•MOON (DOG), which has managed to resist the selling pressure and post a gain of over 18%, extending its impressive weekly performance to above 59%.

Smaller-Cap Meme Coins Offer Refuge

Despite the overall bearish trend, smaller-cap meme coins have shown resilience. Cryptos such as Optimus AI (OPTI), The First Youtube Cat (PAJAMAS), and Super Trump (STRUMP) have experienced price increases of 15%, 6%, and 46%, respectively.

Additionally, presales have emerged as potential havens during the bearish market. PlayDoge (PLAY), a new dog-themed meme coin, has attracted investor interest following its ICO which raised $200k within minutes of launch.

Analysts propose that Sealana (SEAL), a Solana meme coin that has raised over $3 million, may offer a viable "degen play" in the current market. Another presale that has gained attention is WienerAI (WAI), an AI meme coin that is approaching $3.5 million in funds raised.