In the last 24 hours, meme cryptocurrencies have faced significant declines amid a wave of market liquidations.
Meme Cryptocurrencies Decline
In the past 24 hours, the meme cryptocurrency segment has lost 8.8% of its market cap. Pudgy Penguins (PENGU) token dropped by 11%, while AI16Z, AI-agents-themed meme crypto, erased 15.4% of its market cap. AI16Z, an AI-governed DAO meme coin, has seen its capitalization drop by nearly $1 billion in a week, losing its place among the top 100 cryptocurrencies.
Crypto Market Liquidation Wave
Bitcoin (BTC) lost 3.8% today, contributing to a massive liquidation wave. According to CoinGlass, over $547 million in crypto derivatives were liquidated in the past 24 hours, primarily affecting long positions. Binance's BTCUSDT long, worth $8.21 million, was the largest single liquidation reported.
Market Reaction to Events
The Crypto Fear and Greed Index by Alternative has fallen from 69/100 to 61/100 overnight, yet it remains in the 'Greed' zone. These events emphasize the market's instability and the need for caution when investing in such volatile assets.
Current events in the crypto market highlight the high volatility of meme coins and the need for careful consideration before investing.
