{"id":1580,"date":"2024-08-28T07:59:29","date_gmt":"2024-08-28T07:59:29","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=1580"},"modified":"2024-08-28T07:59:29","modified_gmt":"2024-08-28T07:59:29","slug":"meme-coin-bloodbath-wif-pepe-and-bonk-are-among-the-poorest-performers","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=1580","title":{"rendered":"Meme Coin Bloodbath: WIF, PEPE, and BONK Are Among the Poorest Performers"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Numerous major cryptocurrencies and meme coins suffered significant losses following a decline of the entire market in the past several hours.
\nDogecoin (DOGE) and Shiba Inu (SHIB) are among the affected, and the SHIB burning mechanism has recently stalled its progress.<\/p>\n

<\/a><\/span><\/h2>\n

The Pullback<\/h2>\n

The cryptocurrency sector experienced a severe correction in the last 24 hours, which erased much of the gains recorded last week. <\/span>Currently,<\/span> the global crypto market capitalization is less than $2.2 trillion, with Bitcoin (BTC) plunging<\/a> below $60,000 and Ethereum (ETH) losing the $2,500 resistance level.<\/span>\u00a0<\/span><\/p>\n

The situation in the meme coin niche is <\/span>no better<\/span>, with numerous tokens plummeting by double digits <\/span>on a daily scale<\/span>.<\/span> The well-known names that were affected the worst were the Solana-based dogwifhat (WIF) and Bonk Inu (BONK), which fell<\/span>\u00a0by 10% each.
\n<\/span><\/p>\n

<\/a>WIF Price, Source: CoinGecko<\/p>\n


\nThe <\/span>biggest<\/span> frog-themed meme coin, Pepe (PEPE), is also down nearly 10%, while its rival Brett (BRETT) has tumbled by 7%.<\/span><\/p>\n

Popcat (POPCAT) is the only meme coin from the top 20 list witnessing some price increase. It is up 3% in the past 24 hours and a whopping 60% weekly.<\/span><\/p>\n

Currently, the cat-themed token trades at around $0.71 (per CoinGecko\u2019s data) and has a market cap of over $700 million. It is the largest in its cohort, followed by Cat in a Dogs World (MEW) and Mog Coin (MOG).<\/span><\/p>\n

What About the Leaders?<\/span><\/h2>\n

The biggest meme coins<\/span> \u2013 <\/span>Dogecoin (DOGE) and Shiba Inu (SHIB)<\/span> \u2013 <\/span>are also down, albeit <\/span>in a more modest fashion<\/span>.\u00a0<\/span>The former is currently trading just south of $0.10, representing a 6.5% <\/span>decrease on a daily basis<\/span>.<\/span> It remains one of the top 10 cryptocurrencies, with a market cap of around $14.5 billion.<\/span><\/p>\n

The self-proclaimed Dogecoin killer<\/span> \u2013 <\/span>SHIB<\/span> \u2013 <\/span>has<\/span> recorded a similar decline and is <\/span>worth approximately $0.00001377 as of the moment<\/span>.<\/span><\/p>\n

Its price retreat coincides with the poor performance of the layer-2 scaling solution \u2013 Shibarium. <\/span>Active accounts and daily transactions processed on the protocol <\/span>have been <\/span>on a downfall<\/span><\/a> in the past week, generally indicating a decrease in user engagement and activity on the network.<\/span><\/p>\n

Shiba Inu\u2019s burning program has <\/span>not impressed<\/span> either.<\/span> Over the past 24 hours, the burn rate <\/span>collapsed<\/span><\/a> by 100% since the team has not destroyed a single token.<\/span><\/p>\n

The mechanism\u2019s ultimate goal is to reduce the tremendous circulating supply of SHIB, making it scarcer and potentially more valuable in time (should demand stay the same or go up).<\/span><\/p>\n

The post Meme Coin Bloodbath: WIF, PEPE, and BONK Are Among the Poorest Performers<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Numerous major cryptocurrencies and meme coins suffered significant losses following a decline of the entire market in the past several hours. Dogecoin (DOGE) and Shiba Inu (SHIB) are among the affected, and the SHIB burning mechanism has recently stalled its progress. The Pullback The cryptocurrency sector experienced a severe correction in the last 24 […]<\/p>\n","protected":false},"author":0,"featured_media":1581,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1580","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1580"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1580"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/1580\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/1581"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}