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Pepe (PEPE), Dogwifhat (WIF) and Shiba Inu (SHIB) all plummeted over the past 24 hours as meme coins flashed crashed to erase a chunk of their weekly gains.
Overall, the capitalization for the meme coin market plummeted over 8% to stand at a $62.65 billion as of 3:40 a.m. EST. This was after the largest meme coin by market cap, Dogecoin (DOGE), suffered a more than 4% loss, pulling its weekly performance into the red.
All Of The Leading Meme Coins Crash
Cat in a Dogs world (MEW) was the biggest loser in the top 10 meme coin list after it shed more than 21% of its value. Meanwhile, Solana meme coin Bonk (BONK) recorded the second largest 24-hour loss with a 20% plunge.
PEPE, WIF, FLOKI, Book of Meme (BOME) and Memecoin (MEME) all took a double-digit blow to their respective prices. Only DOG•GO•TO•THE•MOON (DOG) was able to escape the onslaught by sellers unscathed. DOG broke away and posted a gain higher than 18%, boosting its impressive weekly streak to above 59%.
Traders Might Seek Refuge In Small-Cap Meme Coins
Many smaller-cap meme coins were able to print gains amid the meme coin selloff. Cryptos such as Optimus AI (OPTI), The First Youtube Cat (PAJAMAS) and Super Trump (STRUMP) saw their prices rise 15%, 6% and 46%, respectively.
Presales might also provide some much-needed shelter from the bearish storm. New dog-themed meme coin PlayDoge (PLAY) could keep pulling investors in after it raised $200k within minutes of its ICO going live this week.
Bout to drop a bunker buster on these durka durkas #freedom! 💥🇺🇸
Show some support for #Sealana by sending $SOL, and fuel the war on terrorism! 🪖🦭#TeamAmerica #TopGun #Presale pic.twitter.com/LlcXgMVzrq
— Sealana (@Sealana_Token) May 29, 2024
Analysts also speculate that Solana meme coin Sealana (SEAL) might be the best “degen play” currently available in the market after it raised more than $3 million.
Another hot presale liked by some analysts is the AI meme coin WienerAI (WAI), which is about to blast past $3.5 million in funds raised.
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