After a strong rally in recent weeks, the crypto market is red-hot today. But Bitcoin isn't the only one suffering. Currently, the biggest losers over the past 24 hours are meme coins and tokens that have seen big gains over the last week.
According to CoinGecko, over the past day, Solana-based Bonk's value has fallen by more than 12% and its current price is $0.00002306.
The token reached all-time highs again late last year and soared again in early March following widespread Solana hype. Despite today's correction, it's still up over 3,400% over the past year.
Another meme coin in tatters is Pepe, which has fallen over 12%. Still, the Ethereum-based token is still enjoying recent gains, rising 40% in the past 30 days.
Within the top 20 coins and tokens, the two biggest meme coins fell more than Bitcoin. Dogecoin, the ninth largest digital asset, has fallen sharply after surging to its highest price since 2021 last week. It currently stands at $0.18 after falling 7% the previous day. Rival Shiba Inu has also been in pain, dropping nearly 7% in the past day.
But Dogwifat (the biggest gainer of all cryptocurrencies just last week) managed to avoid much of the pain of the day. It has fallen, but only by about 1%.
Meme coins and tokens are a subgroup of digital assets based on internet memes, pop culture events, and celebrities. Such cryptocurrencies are known for their value to soar, but they can also plummet just as quickly or disappear completely.
The asset class has performed well following Bitcoin's meteoric rise this year, with large-scale memecoin trading taking hold on Solana in recent months, and the chain's decentralized exchange (DEX) trading volume in March set a record. reached a month. Ethereum scaling network Base also saw a surge in meme coins, with activity reaching new heights over the weekend.
As of this writing, Bitcoin is down about 4% over the past day, with its price just below $66,000. However, the decline was steeper early on Tuesday, dropping below $65,000 before quickly rebounding. Still, the leading coin has lost 11% in value since hitting an all-time high of $73,737 on March 14th.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
