The cryptocurrency market is in retreat once again, with bitcoin dumping below $95,000 for the second time since Monday evening.<\/p>\n
While many altcoins are also deep in the red, the ever-volatile meme coin sector has produced some of the most violent corrections.<\/p>\n
Although there are many success stories<\/a> of small-time investors turning thousands of dollars into hundreds of thousands or even millions, the meme coin niche remains highly-volatile and risky, especially in times of market-wide corrections.<\/p>\n The current situation solidifies this narrative. Bitcoin has declined by 3% on a daily scale, dropping below $95,000 minutes ago. Many larger-cap alts, such as ETH, SOL, and BNB, have slipped even more \u2013 by around 7% each.<\/p>\n However, assets from the meme coin industry, like BONK, FLOKI, and WIF, have all dumped by around 20%. Consequently, BONK is down to $0.00034, FLOKI is south of $0.00022, and WIF struggles beneath $2.8.<\/p>\n The landscape around the two largest meme coins is not that much brighter. Shiba Inu is the worst performer from the top 20 altcoins, having dumped by 15% to $0.000025.<\/p>\n Dogecoin<\/a> is also down by double digits. DOGE has slumped by 12% in the past 24 hours and now trades well below $0.4. Recall that the OG meme coin charted<\/a> a new multi-year peak of $0.485 only a few days ago.<\/p>\n The market-wide correction has resulted in nearly $1.7 billion in liquidations across all assets. Naturally, longs are responsible for the lion\u2019s share, with $1.5 billion.<\/p>\n ETH is first from the individual assets, with $250 million in longs wrecked, followed by BTC with $175 million. Interestingly, DOGE ranks third, even though it\u2019s the sixth-largest non-stablecoin asset, showcasing the dangers of over-leveraged meme coin trading.<\/p>\n The post Meme Coin Bloodbath: BONK, FLOKI, WIF, SHIB, and DOGE Crash by Double Digits<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The cryptocurrency market is in retreat once again, with bitcoin dumping below $95,000 for the second time since Monday evening. While many altcoins are also deep in the red, the ever-volatile meme coin sector has produced some of the most violent corrections. Although there are many success stories of small-time investors turning thousands of dollars […]<\/p>\n","protected":false},"author":0,"featured_media":27369,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-27368","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\/27368"}],"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=27368"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/27368\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/27369"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27368"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27368"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27368"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}