Meme Cryptocurrencies Register Double-Digit Losses Amid the Most Painful Crypto Plunge Since Mid-April

Dogwifhat (WIF) and Bonk (BONK) dropped below major capitalization levels. WIF collapses: Worst performing crypto in past 24 hours down by 18%

Meme cryptocurrencies suffered double-digit losses on Friday, as part of the broader crypto sell-off, with Dogwifhat (WIF) and Bonk (BONK) dropping below major capitalization levels.

WIF collapses: Worst performing crypto in past 24 hours down by 18%

Among the top 100 cryptocurrencies on CoinGecko, Dogwifhat (WIF) had the highest 24-hour losses. The mid-cap meme cryptocurrency, and fourth largest digital asset in this category, suffered a 17.8% decline.

As a result, WIF's capitalization dropped below the significant level of $3 billion. The meme coin is now just one step away from being overtaken by FLOKI as the fourth largest meme coin.

Meanwhile, the top three meme coins — Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) — performed better, albeit still experiencing losses of 9.7%, 7.5% and 11.3%, respectively.

According to CoinGlass, meme coin traders collectively lost at least $20 million in long positions over the past 24 hours due to the liquidations. In total, the net amount of liquidations reached an equivalent of over $415 million, marking the highest level since April 13, 2024.

The crypto market capitalization lost 3.2%, while Bitcoin (BTC), the world's largest cryptocurrency, dropped by 3.5% over the past 24 hours.

WSB meme coins lost 30% in 24 hours

Interestingly, despite the broader downturn, some smaller meme coins still managed to post impressive gains. Base meme crypto Basenji (BENJI) surged by 33% in a day, reaching a capitalization of $70 million, while Chompcoin (CHOMP) rose by 20%.

However, WallStreetBets-themed meme coins suffered significantly amid the disappointment over the highly anticipated stream of Roaring Kitty, a renowned influencer among "Reddit investors."

GME, a meme coin named after the eponymous stock, dropped by 33%, coming close to falling out of the club of nine-digit coins.