Crypto Memes on Sale: Bargain Hunting or Risky Bet?

• Meme coins DOGE and SHIB crashed 6.01% and 6.13%, respectively.
• Bitcoin (BTC) dropped to the $100,000 price level as well. 
• In the past 24 hours, over $681.11 million in long positions were liquidated.

Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) — the top meme coins in the market — have taken a major hit, with DOGE and SHIB down over 6% and PEPE plummeting almost 11%.

According to CoinMarketCap data, all meme coins have dropped by double-digital percentages in the last seven days after rising significantly in the past few months. The meme coin crash followed a broader market crash with Bitcoin (BTC) dropping to the $100K price level and Ether (ETH) trading at $3,600.

However, meme coins are an integral part of the digital asset space and have a massive market cap of $117.4 billion. So, this could potentially be a buying opportunity for the top-performing meme cryptocurrencies despite a broader market downturn. With a substantial $24.8 billion being traded in the meme coin space in the past 24 hours, the interest in the sector remains high.

Interestingly, the only meme coin that is bullish at the time of writing is Pudgy Penguins (PEN…

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