Despite the overall decline in the crypto market, the meme coin segment is facing significant pressure. Among the worst performers today are Bonk and Dogecoin.
Meme Coin Price Decline
Bonk (BONK), a major cryptocurrency on the Solana (SOL) platform, is posting double-digit losses. In the last 24 hours, the Bonk price has dropped by over 11%. The price hit a local low at $0.00001129 at declining trading volume, according to CoinGecko data. Other major meme coins are also in the red today: Dogecoin (DOGE) lost 7%, slipping to $0.1689, and Pepe (PEPE) is 7% down as well. Shiba Inu (SHIB) lost 5.4%, erasing almost $500 million. The SHIB price hit a local low today at $0.00001263.
Liquidations in the Meme Crypto Segment
Smaller meme coins are also posting double-digit losses. SPX6900 (SPX), one of Murad's picks, dropped by 16.8% to $0.4531. NFT-linked meme coin Pudgy Penguins (PENGU) lost 10.3% of its market capitalization. As crypto is closing Q1, 2025 in the red, liquidations are accelerating. In total, $344 million in positions, mostly longs, were liquidated in the last 24 hours. Meme coins significantly contributed to this amount, affecting VINE, DOGE, PEPE, MUBARAK, TUT the most. Open interest on crypto contracts dropped by 4% in 24 hours.
General Trends in Crypto Market
The aggregated cryptocurrency market cap is down by 4.3%, while Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies, lost 3.4% each.
The decline in meme coin prices reflects the impact of overall crypto market conditions. It's crucial to keep monitoring trends to adapt to changes.
