Key Insights
- The general crypto market crashed strongly over the last 24 hours with nearly $1 billion in liquidations.
- This dip affected the memecoin sector even more harshly with a 20% decline in market cap.
- Some of the biggest losers include FartCoin, BULLY and MAX, while gainers include BENJI, SHIRO, and ACT.
- The Politi-Fi sector hasn’t fared better, with TRUMP and MELANIA crashing after dominating the market last week.
- Dogecoin, Shiba Inu, Bonk, Pepe and Pengu have experienced double-digit gains over the last 24 hours and on the weekly timeframe.
The crypto market took a step backwards in the last 24 hours, with Bitcoin crashing down below the $100,000 mark.
This bearish event caused a cascade of liquidations that has wiped nearly $1 billion off the market, with more than $800 million coming from the bulls.
Amid these liquidations, several market sectors took hits including defi tokens, the AI sector, and most especially—the memecoins.
Here are all the updates:
The Memecoin Sector Takes A Hit
According to data from CoinMarketCap, the memecoin market has taken a brutal 12.47% hit over the last 24 hours.
This decline has wiped billions off its market cap, with this figure down to the $90 billion mark.
Some of the biggest losers in the market include MAGA with a decline of 39% over the last day, MAX with a 36% decline, BULLY with 30% and FartCoin with an insane 60% wipeout in 24 hours.
On the flip side, some of the biggest gainers included BENJI, SHIRO, and ACT with increases of 8%, 7% and 4% over the last 24 hours.
The weekly timeframe shows some of the biggest losers being MELANIA with a 77% decline, MAX with 66%, Department of Government Efficiency (DOGE) with 62% and FartCoin with 57%.
On the flipside, the biggest weekly gainers remain TOSHI, MOCHI, BENJI and Pepu with between 150% to 20% gains.
The Politi-Fi Sector’s Performance
The Politi-Fi sector shared in the memecoin market’s bearish performance, considering its position as a sub-sector.
This aspect of the market experienced a market cap crash of around 13%, with a 21% crash in trading volumes.
Interestingly, the official TRUMP token has remained more resilient than MELANIA, after losing 50% of its value over the week, and 10% over the last day.
This token remains the largest Politi-Fi token by market cap, with a capitalization of $5.2 billion—a lot more than $PNUT, the second largest with under $300 million.
MELANIA on the other hand, has lost 7% of its value over the last day and more than 70% over the last week.
So far, this token has lost as much as 82% of its all time market cap high, and sits at $418 million.
How Have Mainstream Memecoins Performed?
The top five memecoins haven’t fared better than the rest of the market so far.
Dogecoin, for example, is down by around 10.53% over the last day, with a 17% decline over the last week.
Shiba Inu hasn’t fared better either, with a 10.27% decline over the last 24 hours and a 16% decline over the last week.
PEPE on the other hand, has crashed even harder by 16% on the daily timeframe and a 25% decline in the last week.
The same is true for BONK and PENGU, with 15% and 13% declines respectively on the daily timeframe, along with 26% and 14% declines on the weekly.
So far, the current market cap of the memecoin market sits at around $90 billion, and is around 20% down from its yearly high of $116 billion.
Can the memecoin market make a comeback, or will Bitcoin continue to drag prices further down.
