As the cryptocurrency market shows an overall decline, the meme coin sector has been hit the hardest. Pepe (PEPE) and BONK recorded double-digit percentage drops, showing the worst performance.
On the 31st, the cryptocurrency market saw a market capitalization of $14.7 billion (approximately 20.139 trillion won) evaporate within 24 hours. According to CoinGecko data, Pepe, known as the 'frog coin', dropped by 12.1%.
Pepe's price recorded its lowest level in several weeks at $0.0000113. Its market capitalization fell below $4.7 billion, a 60% drop from its all-time high recorded on December 6th last year.
SPX6900 (SPX), the most popular meme coin in Murad Mahmudov's portfolio, recorded a 13% drop at $0.9595. BONK traded at $0.00001587, down 10.3% with decreased trading volume. Its market capitalization decreased to $1.29 billion.
The largest meme coins, Doge (DOGE) and SHIB, also showed a downward trend. Doge dropped 7.8% to $0.189, while SHIB fell to $0.00001254.
The market capitalization of the meme coin sector decreased by 12%. Frog-themed meme coins (-16.1%), Mahmudov meme coins (-16%), and Solana-based meme coins (-13.8%) showed the largest declines.
Dogwifhat (WIF), Solana's pioneering stablecoin, plummeted 18.6%, with its market capitalization decreasing to $818 million. FLOKI dropped 13.5% to $0.00008003, and BRETT fell 14.5% to $0.0501.
Meanwhile, BTC and ETH declined by 1.5% and 2.5% respectively. Bitcoin is struggling to maintain its $2 trillion market capitalization level.
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