SHIB Rival WIF Worst Performer in Top 100 as Crypto Dips

Amid Crypto Plunge, Meme Coins Suffer Double-Digit Losses

Amid a significant crypto plunge since mid-April, meme cryptocurrencies have experienced double-digit losses. Dogwifhat (WIF) and Bonk (BONK) have fallen below key capitalization levels.

Dogwifhat Collapses, Suffering Largest Loss Among Top 100 Cryptos

Dogwifhat (WIF), a mid-cap meme cryptocurrency and the fourth-largest digital asset in its category, has suffered the steepest losses among the top 100 cryptos on CoinGecko in the past 24 hours.

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WIF's capitalization has dropped below the critical $3 billion mark. It is now close to being replaced by FLOKI as the fourth-largest meme coin.

Major meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) have fared better, with respective losses of 9.7%, 7.5%, and 11.3%.

According to CoinGlass data, meme coin traders have lost at least $20 million in long positions due to liquidations in the past 24 hours. The net amount of liquidations has surpassed $415 million, marking the largest single-day total since April 13, 2024.

The overall capitalization of the crypto market has decreased by 3.2%, with Bitcoin (BTC) down 3.5% in the past 24 hours.

WSB Meme Coins See 30% Loss in 24 Hours

Despite the widespread decline, some smaller meme coins have experienced notable gains. Base meme crypto Basenji (BENJI) surged by 33% in one day, reaching a capitalization of $70 million. Chompcoin (CHOMP) increased by 20%.

However, WallStreetBets-themed meme coins have struggled amid the disappointment surrounding the highly anticipated stream of Roaring Kitty, an influential figure among "Reddit investors."

GME, a meme coin commemorating the eponymous stock, has plummeted by 33% and is on the verge of falling out of the nine-digit coin club.