Meme Coins Show Resilience Amid Cryptocurrency Market Volatility

The recent turmoil in cryptocurrency markets, triggered by the initiation of Mt. Gox compensation payouts, has not deterred the resilience of the largest meme coins. Among the top three performing cryptocurrencies in the market, two assets fall under the category of meme cryptocurrencies.

Dogwifhat (WIF) and Bonk (BONK) Shine Amid Market Collapse

Despite the significant downturn in cryptocurrency prices over the past 24 hours, Bonk (BONK), a prominent multi-chain meme coin, demonstrated a remarkable increase of over 7.5%. CoinGecko [data] reports that BONK's market capitalization is on the cusp of surpassing $1.5 billion.

Illustration by CoinGecko

Another contender, Dogwifhat (WIF), the leading meme coin based on Solana (SOL) blockchain, also experienced positive growth with a 3.2% rise, maintaining a market capitalization exceeding $1.8 billion.

Consequently, Dogwifhat (WIF) emerged as the top-performing cryptocurrency among the top 50 assets. MultiversX (formerly known as Elrond, EGLD) secured its position as the foremost gainer in the top 100, registering a 10% increase.

The total market capitalization of cryptocurrencies witnessed a decline of 3.8%, with the meme coins segment suffering a substantial 11.4% loss in value within the span of 24 hours.

$578 Million Wiped Out: Bearish Trend Since Mid-April

Major cryptocurrencies also experienced negative momentum, with Bitcoin (BTC) enduring a 2.8% drop and Ethereum (ETH) plummeting by nearly 5% overnight.

It was previously highlighted by U.Today that the global cryptocurrency market was rattled by news of compensations being distributed to victims of the Mt. Gox exchange collapse in 2014. The release of BTC and BCH allocations is anticipated to exert selling pressure on the crypto market.

Within the past day, Bitcoin (BTC) traders collectively suffered a loss of $578 million due to liquidations, as indicated by CoinGlass [data]. Long positions accounted for $446 million of this total.

The market remains turbulent as both traditional cryptocurrencies and meme coins navigate through the ongoing market fluctuations.