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As the cryptocurrency correction accelerates, meme coins are among the worst sufferers yet again thanks to being highly volatile. Traders of meme coins faced an eight-digit liquidation wave in the last 24 hours.
Meme coins BRETT, FLOKI post double-digit losses; SHIB, WIF also under pressure
Brett or Brett on Base (BRETT), the largest meme coin of Coinbase's L2 Base (BASE), is registering double-digit losses for the second day in a row. Yet again it is among the worst performers on the top 100 list, with 15.2% lost overnight. The asset is extremely close to dipping below the important $1.5 billion capitalization level.
FLOKI, another mainstream meme cryptocurrency with a large community, is fighting for its place in the top 10 after another 10% was lost in 24 hours.
Other top-league meme coins under performed the market benchmark as well. Dogwifhat (WIF) is down by 9.6%, while Shiba Inu (SHIB) has dropped by 6.2%. WIF is close to seeing its cap under $2.5 billion.
Dogecoin (DOGE), the largest meme cryptocurrency, is down by 5.6%, while the cryptocurrency market as a whole lost 3.7% in capitalization.
The ongoing meme crypto dropdown is accompanied by extreme liquidations, as covered by U.Today earlier this week.
Cat-themed, Base meme coins suffering the worst
CoinGlass data shows that PEPE, WIF and DOGE traders are among the worst affected by liquidations, mostly in the longs segment.
In terms of categories, cat-themed meme coins and Base meme coins are losers today, CoinGecko data shows. The categories lost 18.7% and 15.1% of their cap overnight.
Losing only 3.1%, Bonk (BONK) looks like the best-performing meme coin today.