The general crypto market noticed a large correction on Friday night, with greater than $200 billion leaving the area inside hours.
Liquidations have risen to almost $1 billion every day, however a few of the most notable losers are from the ever-volatile meme coin area of interest.
CryptoPotato already reported the main Bitcoin retracement that took the first cryptocurrency from round $71,000 to a weekly low of $65,000 in a matter of minutes.
Nevertheless, that’s solely a part of the story, as altcoins and meme cash particularly have skilled much more ache up to now day.
BONK leads this unfavorable pattern with a large 25% drop, pushing the favored Solana-based token beneath $0.000017.
WIF follows go well with with the same decline that has pushed dogwifhat additional to effectively beneath $3. It is price noting that the meme coin just lately hit a brand new all-time excessive at virtually $5.
PEPE is subsequent in keeping with a each day decline of 21%, adopted by FLOKI (-20%), Shiba Inu (-13%) and Dogecoin (-12%).
Information from CoinGecko exhibits that all the meme coin business has misplaced virtually 20% of its whole market capitalization up to now day, now right down to $54 billion. On the identical time, the entire crypto market capitalization has fallen by 6.5%.
In response to CoinGlass, the entire worth of positions liquidated within the final 24 hours is sort of $900 million. The crash of Meme cash solely underlines their unstable nature and that traders must be extra cautious when coping with them, particularly when leverage is concerned.
The put up Meme Coin Bloodbath: WIF, BONK, PEPE, FLOKI, SHIB, and DOGE Plummet from Double Digits appeared first on CryptoPotato.