Hold onto your hats, folks! The meme coin rollercoaster is on a wild ride, and it's not for the faint-hearted. Almost all of our beloved meme coins in the top 100 altcoins have taken a nosedive, dropping by double digits. It's like watching a comedy show where the jokes just keep getting better, or should we say worse?
Bitcoin, the granddaddy of crypto, hit a dazzling new high of $95,000. But just as we were popping the champagne, it took a swift turn south, losing over a thousand bucks in mere minutes. Talk about a plot twist! While Bitcoin is trying to claw its way back up, meme coins are not having the best day in the park. They've taken quite a tumble, leading to over $400 million in liquidations. Ouch!
The meme coin market cap has taken a hit too, plummeting more than 10% from a hefty $130 billion to a leaner $115 billion. It's like they've been on a strict diet and lost those pounds overnight.
Among the biggest losers in the meme coin realm, we've got POPCAT, which has dropped nearly 20%, and PNUT, down 17%. BONK, WIF, and PEPE are also feeling the heat with double-digit losses. Just when we thought they were on a winning streak, reality struck! PEPE had touched new heights with the help of exchanges like Coinbase and Robinhood, but it's now down more than 16% from its peak.
Even the big guys, DOGE and SHIB, aren't immune to this meme coin meltdown. DOGE dipped from $0.4 to $0.364 but has managed a small bounce back to $0.375. SHIB is in a similar boat, swimming upstream with a 6.5% drop since yesterday.
In the past 24 hours, a staggering $415 million worth of positions have been liquidated, with long positions taking the brunt of it—$311 million, to be precise. Interestingly, Bitcoin isn't the top culprit here; it's some of those cheeky lower-cap meme coins leading the charge. Over 160,000 traders have been caught in this whirlwind. So, buckle up, crypto enthusiasts, the meme coin saga is far from over!
