According to U.Today, meme cryptocurrencies are experiencing a significant market drop, with the segment's net valuation potentially falling below $50 billion. On May 11, 2024, many meme cryptocurrencies are underperforming, with the net cryptocurrency market capitalization losing 3.6%. Some cryptos with nine-digit caps are even showing double-digit losses.
The meme coin sphere saw 4.6% of its net valuation erased. Among the top 10 meme coins by market cap, Popcat (POPCAT) suffered the most, losing 17.3% overnight. Its capitalization dropped from $513 million to $425 million. Floki (FLOKI), Bonk (BONK), and Dogwifhat (WIF) also experienced significant losses, with price reductions of 5%, 6.2%, and 4.7% respectively. This drop is accompanied by significant long positions being liquidated. According to CoinGlass data, traders of Dogecoin (DOGE), Bonk (BONK), Pepe (PEPE), and Dogwifhat (WIF) lost $4.5 million worth of long positions in 24 hours.
However, not all meme coins are suffering. Catwifhat (CWIF), a Solana WIF copycat, has seen a 30% increase in the last day, making it into the top 1,000 cryptos by market cap. Despite this, Solana meme coins remain the seventh weakest category in crypto in terms of 24-hour performance, with the segment's capitalization eyeing $7 billion at a shrinking trading volume.