BPOI Banner
Financial Nihilism Fuels Meme Coin Frenzy as Traditional Finance Loses Appeal: Binance Financial Nihilism Fuels Meme Coin Frenzy as Traditional Finance Loses Appeal: Binance

Meme Coin Bloodbath as PEPE, BONK, WIF, PNUT, POPCAT Dump by Double Digits

Bitcoin reached a new peak of $95,000 hours ago but was rejected and pushed south by over a grand within minutes.

Although it has recovered some ground, many altcoins, especially from the meme coin niche, have plummeted hard, leaving over $400 million in liquidations on a daily scale.

The specific dump is evident by the plunging meme coin market cap. While that of the entire crypto market has dropped by 2.3% over the past 24 hours to $3.2 trillion on CG, the meme coins have lost more than 10% and their own capitalization has slumped from over $130 billion to $115 billion, according to CoinGecko.

The biggest losers over the past day include POPCAT, which has slumped by nearly 20%, and PNUT, which is down by 17%.

More double-digit losses from the largest 100 meme token alts come from the likes of BONK (-12%), WIF (-11.3%), and PEPE (-10.5%).

Recall that many of these assets registered impressive gains in the past few weeks. PEPE tapped a new all-time high after a few interactions with prominent exchanges like Coinbase and Robinhood. BONK did the same earlier today, but is down by more than 16% since then.

Even the two top dogs from the niche experienced painful declines but managed to recover most of the losses. DOGE stood at $0.4 at this time yesterday but dumped to $0.364. However, it has bounced off to $0.375 as of now. SHIB’s price performance is similar on a daily scale and is down by 6.5% since yesterday.

CoinGlass data shows that the total value of wrecked positions in the past 24 hours equal $415 million, with longs responsible for the lion’s share ($311 million). BTC is not in the first position, as others – most likely lower-cap memes, have taken the lead. North of 160,000 traders were liquidated within this timeframe.

Liquidation Heat Map. Source: CoinGlass
SPECIAL OFFER (Sponsored)

Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive $600 exclusive welcome offer on Binance (full details).

LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!

Source link

Jordan Lyanchev

https://cryptopotato.com/meme-coin-bloodbath-as-pepe-bonk-wif-pnut-popcat-dump-by-double-digits/

2024-11-20 20:31:37

bitcoin
Bitcoin (BTC) $ 95,643.63 1.84%
ethereum
Ethereum (ETH) $ 3,329.07 1.39%
tether
Tether (USDT) $ 0.999539 0.10%
xrp
XRP (XRP) $ 2.24 0.17%
bnb
BNB (BNB) $ 657.80 0.80%
solana
Solana (SOL) $ 182.77 0.88%
dogecoin
Dogecoin (DOGE) $ 0.316781 2.22%
usd-coin
USDC (USDC) $ 1.00 0.02%
staked-ether
Lido Staked Ether (STETH) $ 3,324.43 1.20%
cardano
Cardano (ADA) $ 0.895556 1.46%
tron
TRON (TRX) $ 0.246995 0.62%
avalanche-2
Avalanche (AVAX) $ 37.33 2.02%
chainlink
Chainlink (LINK) $ 22.18 1.62%
the-open-network
Toncoin (TON) $ 5.43 2.38%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,949.48 1.55%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 1.09%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,376.55 1.81%
sui
Sui (SUI) $ 4.32 6.13%
stellar
Stellar (XLM) $ 0.361146 0.52%
polkadot
Polkadot (DOT) $ 6.98 0.75%
hyperliquid
Hyperliquid (HYPE) $ 31.14 1.37%
hedera-hashgraph
Hedera (HBAR) $ 0.266346 4.45%
weth
WETH (WETH) $ 3,328.74 1.34%
bitcoin-cash
Bitcoin Cash (BCH) $ 449.41 1.64%
leo-token
LEO Token (LEO) $ 9.33 0.61%
uniswap
Uniswap (UNI) $ 14.04 4.78%
litecoin
Litecoin (LTC) $ 101.67 1.52%
pepe
Pepe (PEPE) $ 0.000018 3.59%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,511.81 1.57%
near
NEAR Protocol (NEAR) $ 5.08 0.25%
ethena-usde
Ethena USDe (USDE) $ 0.999702 0.14%
bitget-token
Bitget Token (BGB) $ 4.15 1.33%
usds
USDS (USDS) $ 0.996521 0.41%
aptos
Aptos (APT) $ 9.33 4.43%
internet-computer
Internet Computer (ICP) $ 10.03 2.69%
aave
Aave (AAVE) $ 307.80 0.88%
crypto-com-chain
Cronos (CRO) $ 0.157823 2.19%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.480193 0.78%
mantle
Mantle (MNT) $ 1.18 0.72%
ethereum-classic
Ethereum Classic (ETC) $ 26.30 0.19%
vechain
VeChain (VET) $ 0.04612 0.33%
render-token
Render (RENDER) $ 7.12 1.13%
monero
Monero (XMR) $ 192.02 0.16%
whitebit
WhiteBIT Coin (WBT) $ 24.40 0.24%
mantra-dao
MANTRA (OM) $ 3.68 1.02%
dai
Dai (DAI) $ 0.999941 0.11%
bittensor
Bittensor (TAO) $ 462.05 0.42%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 0.14%
arbitrum
Arbitrum (ARB) $ 0.755353 0.10%
ethena
Ethena (ENA) $ 1.05 1.44%