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Crypto market witnesses a tough day for meme coins; mixed performance across the board.
On June 24, 2024, Based Brett (BRETT) saw a significant decline of 9.4%, placing it among the top underperforming cryptocurrencies. As a major meme coin on the Base (BASE) blockchain, BRETT’s downturn is notable given its prominence in the market. It managed to slightly outperform Ordi (ORDI) and Notcoin (NOT); however, it mirrored the losses seen by Uniswap (UNI).
The market cap of Based Brett (BRETT) is precariously close to falling below the $1.3 billion threshold, signaling a potentially critical juncture for the crypto. Other significant meme coins are also facing substantial pressure, accentuating the overall bearish sentiment in the sector.
Shiba Inu (SHIB) and Pepe (PEPE) recorded declines of around 5.2-5.3%, while Dogecoin (DOGE) fell by 4.1%. These losses come amid a broader market decline of 4%. Additionally, Bonk (BONK) and Floki (FLOKI) are under-performing as well, albeit slightly better than the market average. According to CoinGecko data, the meme crypto segment collectively shed 5% in the past 24 hours.
Contrary to the predominantly red landscape, Dogwifhat (WIF) and Mog Coin (MOG) emerged as rare bright spots. Dogwifhat (WIF), a leading meme coin on the Solana blockchain, managed to gain 1.1%. Similarly, Mog Coin (MOG), operating on both the Ethereum (ETH) and Base (BASE) platforms, posted a 4% increase.
This divergence is particularly noteworthy given the market turmoil, which saw over $300 million in liquidations of both shorts and longs within the last 24 hours. Data from CoinGlass reveals that DOGE and PEPE traders incurred losses exceeding $7.5 million, highlighting the intense volatility in the market.
The broader cryptocurrency market also experienced substantial declines, with Bitcoin (BTC) dropping by 4.8% and Ethereum (ETH) falling by 5.5%. These declines can be attributed to factors such as the multi-billion-dollar Mt. Gox compensation scheme and ongoing geopolitical tensions. This backdrop of uncertainty further underscores the precarious position of meme cryptocurrencies amid wider market dynamics.
In summary, the current crypto landscape is characterized by significant volatility, particularly within the meme coin segment. Major players like BRETT and PEPE are facing considerable setbacks, though some, like Dogwifhat (WIF) and Mog Coin (MOG), are demonstrating resilience. Investors should remain cautious and pay close attention to market trends and developments to navigate this complex and rapidly evolving space.
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