Meme Coin Market Plunges 4% Amid Flash Crypto Crash As DOGE, SHIB, And PEPE Tumble

Updated: 11 June 2024

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The meme coin sector’s market capitalization plunged more than 4% in the last 24 hours as leaders Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE) all posted losses amid a flash crypto crash.

DOGE, the largest meme coin, lost 2% to trade at $0.1414 as of 2:40 a.m. EST, pushing its weekly performance down by more than 10%.

Top 5 largest meme coins (Source: CoinMarketCap)

PEPE, WIF, FLOKI And SHIB Unable To Overcome Bearish Onslaught

The rest of the top 5 meme coins all also suffered 24-hour losses. FLOKI was the biggest loser with its over 7% drop. Its canine-themed counterparts were unable to buck the trend with SHIB and WIF down 3% and 4%, respectively.

SHIB, PEPE, WIF and FLOKI also saw their weekly performances nudged deeper into the red as the meme coin market continued its longer-term negative trend. WIF bled the most throughout the past seven days after its price dropped more than 18% during this period.

Some Smaller Meme Coins Bucked The Trend

Several smaller meme coins bucked the down trend. Byte (BYTE) emerged as the top-performer, with its over 70% surge, according to CoinGecko. Jesus Coin (JESUS) and Hoppy (HOPPY) were also in the green with 8% gains each.

Smaller tokens outperforming the meme coin leaders could be indicative of traders and investors seeking shelter from the bearish storm in cryptos that are not as actively traded and as affected by major market movements.

Newly-launched presales that have not yet listed on exchanges and are subsequently not susceptible to the market’s volatility could also pull investors in.

#PlayDoge bagging another Big W today, raising $3.5M in our #Presale! 🚀💫

ICYMI: We've gone #MultiChain! 🌐🎉#Staking is now live on both #BNB and #ETH chains, offering even more $PLAY 💰

Rewards vary per chain 🌟

Buy Now! 👇 https://t.co/JT0VEofqf2 #MemeCoin #P2E #Crypto pic.twitter.com/XghA0jlfbU

— PlayDoge (@PlayDogeGame) June 10, 2024

Among analyst favorites at the moment are PlayDoge (PLAY), a play-to-earn Dogecoin derivative that’s raised $3.7 million in less than two weeks.

WienerAI (WAI) is another hot presale that has raced to almost $5.4 million in funds raised, while Sealana (SEAL) on Solana is offering investors a last chance to buy after surging past $4 million.