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Major Cryptocurrencies and Meme Coins Suffer Amid Market Downturn
14/04 16:03
According to U.Today, the recent cryptocurrency market downturn has significantly impacted meme coins on major blockchains, with Solana's meme coin ecosystem being the hardest hit. Some of the main coins in this ecosystem lost up to a quarter of their value overnight. The Solana-based meme coins segment experienced a 20% drop, marking the largest losses among all 225 groups on CoinGecko's 'Categories' tab.
Another meme category, 'Cat-Themed Coins,' is the sixth worst sufferer in the list. The Solana meme coins scene saw $1.5 billion of its capitalization wiped out due to the ongoing cryptocurrency collapse. Among the large Solana meme coins, Cat in a Dogs World (MEW) suffered the most, with its price dropping by 29%. Myro (MYRO) is down by 24%, while Dogwifhat (WIF) and Bonk (BONK) are also posting double-digit losses.
The aggregated capitalization of the cryptocurrency market plunged by 4.7%, with Bitcoin (BTC) and Ethereum (ETH) losing 3% and 6% respectively. The Theta Ecosystem and game-centric coins are also among the worst performers, along with governance coins of perpetuals exchange protocols and cross-chain communication products. However, centralized exchanges' coins and native currencies of major L1s have remained strong.
The downturn was influenced by U.S. macroeconomic uncertainty and Middle East tensions, which saw Bitcoin (BTC) drop from $71,000 to below $68,000 in a short span of time.
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