Crypto Crash Sparks Meme Coin Bloodbath With WIF, FLOKI, And BONK Hit Hardest

Updated: 18 June 2024

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

A crypto crash saw the market capitalization of the meme coin market plummet more than 10% as investors fled to safety amid concerns about the outlook for digital assets after the Federal Reserve leaned to a more hawkish stance last week.

The broader crypto market’s market cap plunged more than 2% to $2.36 trillion as CoinShares reported industry outflows last week at $600 million, the largest since the week ending March 22.

Five of the top six meme coins suffered double-digit losses, with the biggest by market cap, Dogecoin (DOGE), tumbling more than 9%.

Top meme coins by market cap (Source: CoinMarketCap)

WIF, SHIB, PEPE, FLOKI And BONK All Dive In The Latest Crypto Crash

Dogwifhat (WIF) bled the most among the top 5 meme coins with a 15% plunge to $2.10 as of 2:45 a.m. EST. FLOKI and Bonk (BONK) registered 24-hour losses greater than 12% each, while Pepe (PEPE) and Shiba Inu (SHIB) both experienced price drops exceeding 10%.

For many of the top 5 largest meme coins, the recent corrections were a continuation of their dismal weekly performances. PEPE was the only one that was still in the green over the past 7 days prior to the recent crash, but it now joins the rest of the pack with a weekly loss of more than 9%.

ZK, FTM And WLD The Hardest Hit Altcoins

zkSync (ZK) plummeted 25% on its market debut after a controversial airdrop that angered many token holders. Investors were quick to dump their holdings in ZK, resulting in it being the biggest loser in the last 24 hours among the biggest 100 cryptos.

Fantom (FTM) and Worldcoin (WLD) were the second and third biggest losers, respectively. FTM’s price plunged 16%, bringing the altcoin’s value down to $0.518. During the same period, WLD also saw over 16% of its value erased.

The market rout might prompt investors to seek out presale cryptos, which offer good upside potential while providing shelter during the current market storm.

Among analyst favorites right now are hot presales that include PlayDoge (PLAY), Sealana (SEAL), WienerAI (WAI), and Base Dawgz (DAWGZ), all of which have had bumper fund raisings.

PLAY’s presale has hit almost $4.7 million in funds raised in less than three weeks, while WienerAI has moved to within a whisker of $6 million.

The Solana ICO SEAL has blasted past $4 million and is now offering investors a last chance to buy before its presale closes on June 25.

Meanwhile, new Base token Base Dawgz (DAWGZ), which aims to become the new Brett (BRETT), has blasted past $1.7 million in funds raised since it launched on June 4.