Meme Cryptocurrencies Register Double-Digit Losses Amid Market Plunge

According to U.Today, meme cryptocurrencies have experienced significant losses amid the most severe crypto market plunge since mid-April. Dogwifhat (WIF) and Bonk (BONK) have fallen below major capitalization levels, with WIF being the worst-performing crypto in the past 24 hours, down by 18%. WIF's capitalization has dropped below the significant level of $3 billion, putting it one step away from being replaced by FLOKI as the fourth largest meme coin. The largest meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), have performed slightly better, with losses of 9.7%, 7.5%, and 11.3% respectively. Meme coin traders have lost at least $20 million in long positions in the last 24 hours due to liquidations, according to CoinGlass data. The net amount of liquidations has reached $415 million, the largest since April 13, 2024. The overall capitalization of the crypto market has lost 3.2%, with Bitcoin (BTC), the largest crypto, down 3.5% in the last 24 hours. Despite this, some small-sized meme coins have shown impressive gains. For example, Base meme crypto Basenji (BENJI) spiked by 33% in one day, reaching a $70 million capitalization, and Chompcoin (CHOMP) added 20%. However, WallStreetBets-themed meme coins are suffering. GME, a meme coin that commemorates an eponymous stock, plunged by 33% and is on the verge of leaving the club of nine-digit coins.