Meme Coin Market Plunges 4% Amid Flash Crypto Crash As DOGE, SHIB, And PEPE Tumble

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The meme coin sector’s market capitalization plunged greater than 4% within the final 24 hours as leaders Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) all posted losses amid a flash crypto crash.

DOGE, the biggest meme coin, misplaced 2% to commerce at $0.1414 as of two:40 a.m. EST, pushing its weekly efficiency down by greater than 10%.

Prime 5 largest meme cash (Supply: CoinMarketCap)

PEPE, WIF, FLOKI And SHIB Unable To Overcome Bearish Onslaught

The remainder of the highest 5 meme cash all additionally suffered 24-hour losses. FLOKI was the most important loser with its over 7% drop. Its canine-themed counterparts had been unable to buck the pattern with SHIB and WIF down 3% and 4%, respectively.

SHIB, PEPE, WIF and FLOKI additionally noticed their weekly performances nudged deeper into the pink because the meme coin market continued its longer-term unfavorable pattern. WIF bled essentially the most all through the previous seven days after its worth dropped greater than 18% throughout this era.

Some Smaller Meme Cash Bucked The Development

A number of smaller meme cash bucked the down pattern. Byte (BYTE) emerged because the top-performer, with its over 70% surge, in response to CoinGecko. Jesus Coin (JESUS) and Hoppy (HOPPY) had been additionally within the inexperienced with 8% features every.

Smaller tokens outperforming the meme coin leaders may very well be indicative of merchants and buyers in search of shelter from the bearish storm in cryptos that aren’t as actively traded and as affected by main market actions.

Newly-launched presales that haven’t but listed on exchanges and are subsequently not prone to the market’s volatility may additionally pull buyers in.

#PlayDoge bagging one other Massive W right now, elevating $3.5M in our #Presale! 🚀💫

ICYMI: We have gone #MultiChain! 🌐🎉#Staking is now dwell on each #BNB and #ETH chains, providing much more $PLAY 💰

Rewards differ per chain 🌟

Purchase Now! 👇 https://t.co/JT0VEofqf2#MemeCoin #P2E #Crypto pic.twitter.com/XghA0jlfbU

— PlayDoge (@PlayDogeGame) June 10, 2024

Amongst analyst favorites in the intervening time are PlayDoge (PLAY), a play-to-earn Dogecoin spinoff that’s raised $3.7 million in lower than two weeks.

WienerAI (WAI) is one other scorching presale that has raced to virtually $5.4 million in funds raised, whereas Sealana (SEAL) on Solana is providing buyers a final probability to purchase after surging previous $4 million.