Cover Image via U.Today
The euphoria surrounding meme coins appears to have waned. Of the ten worst-performing categories on CoinGecko, five are associated with meme cryptocurrencies. Notably, small-cap meme coins have experienced the most significant losses.
Base and Solana Meme Coin Ecosystems Suffer Double-Digit Losses
In the past 24 hours, amid a general market downturn, meme-related coins have once again endured the most significant declines. Two ecosystems have exhibited the worst performance:
- Meme coins on Base, Coinbase's L2 for Ethereum (ETH), have lost over 18% overnight.
Image by CoinGecko
The combined capitalization of the 38 largest Base meme coins has dropped to $142 million. Brett (BRETT) has plummeted by over 40%. - Solana's (SOL) meme coin segment has shed 12.6% of its value. The net market capitalization of Solana-based meme cryptocurrencies now stands at approximately $1.67 billion.
Other underperformers include cat-themed meme coins and BRC-20 assets (some of which are also associated with memes).
- Cat coins have lost 8.8% of their value, while BRC-20 cryptocurrencies have declined by 8.7%.
Liquidations Surge in Meme Coin Markets
The decline in meme coin values has triggered significant liquidations in futures markets. Dogecoin (DOGE), Dogwifhat (WIF), Bonk (BONK), and Pepe (PEPE) have been the most heavily impacted.
- Of the $150 million in liquidations over the past 24 hours, the three largest meme coins account for $8.5 million.
- Over 80% of these liquidations were long positions.
The total crypto market capitalization has decreased by 2% during this period.
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