Leading memecoins fell sharply Tuesday in response to the broader cryptocurrency market decline.
What happened: Solana (CRYPTO: SOL)-based dogwifhat led the decline, dropping more than 13% in the last 24 hours. The dog-themed coin's trading volume rose 18% to $428 million in the last 24 hours.
Ethereum (CRYPTO: ETH)-based Pepe was also among the biggest memecoin losers, shedding over 10% of its value in the last 24 hours. Trading volume for the frog-themed token surged 18% to $750 million.
| Cryptocurrency | Gains +/- | Price (Recorded at 11:05 p.m. EDT) |
| dogwifhat (CRYPTO: WIF) | -13.38% | $1.55 |
| Pepe (CRYPTO: PEPE) | -10.51% | $0.000007676 |
| Bonk (CRYPTO: BONK) | -9.22% | $0.00001793 |
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Another popular $1 billion capitalization memecoin, Bonk, recorded losses of 9.22%.
Blue-chip coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) also got hit, dropping 5.94% and 6.05% in the last 24 hours.
Defying the decline, Popcat (CRYPTO: POPCAT) rose 3.89% in the last 24 hours. Note that the cat-themed cryptocurrency was the meme sector's best performer this year, returning a whopping 8813% year-to-date.
The overall memecoin market capitalization shrank to $38 billion, representing a 24-hour decline of 6.2%.
Why It Matters: The memecoin meltdown was part of the broader market plunge that saw Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) plummet steeply Tuesday evening.
The total cryptocurrency liquidations exceeded $319 million in the last 24 hours, according to Coinglass, with long liquidations accounting for 89% of the total.
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