SHIB Rivals FLOKI, WIF in Red Amid Pale Market

Mid-cap Meme Cryptocurrencies FLOKI and WIF Flounder Amidst Market Uncertainty

Floki (FLOKI) and Dogwifhat (WIF), two popular mid-cap meme cryptocurrencies, have joined the ranks of the worst-performing assets in the top 100. This decline is attributed not only to general market volatility but also to the growing popularity of Tron's meme coin ambitions.

Lackluster Performance for Floki and WIF

As of August 23, 2024, both Floki and WIF have witnessed significant losses. Floki, down over 3.8%, has led the decline among the top 100, according to data from CoinGecko.

Dogwifhat, the largest meme coin on Solana, has also dropped 1% overnight, nearing a valuation of below $1.6 billion.

Outperformance of Larger Meme Coins

In contrast, the larger meme coins, Shiba Inu (SHIB) and Dogecoin (DOGE), have experienced gains of 1-2%.

Cat-themed coins have also seen some upward momentum, with Popcat (POPCAT) rising 8%, and Mog Coin (MOG) and Cat in Dogs World (MEW) each gaining 3.5%.

Tron's Meme Coin Impact

Despite the mixed market signals, the overall capitalization of the meme coin sector has increased by 4.5% in the past 24 hours, accompanied by a surge in trading volume.

A significant portion of this liquidity has been injected into the SunPump ecosystem, a collection of tokens launched by Tron. This new platform, endorsed by Justin Sun, has eclipsed its Solana-based competitor, Pump.Fun, in terms of fees generated.