BONK meme coin price bleeding, cap erases $100 million in 24 hours

Bonk (BONK), a large meme cryptocurrency on Solana SOLUSD, is posting double-digit losses today. In the last 24 hours, the Bonk (BONK) price plunged by over 11%.

The meme coin segment is coming under pressure as the cryptocurrency market continues to lose value. Among the worst performers in the top 100 is Bonk (BONK), a large-cap dog coin, which saw its meme coin cap erase $100 million in 24 hours. Dogecoin (DOGE) is also performing worse than the market benchmark.

Top meme coins slip further as crypto market continues losing value

CoinGecko data shows that Bonk (BONK), a large meme cryptocurrency on Solana (SOL), is registering double-digit losses on Wednesday. In the last 24 hours, the Bonk (BONK) price plunged by over 11%. Today saw the lowest price point for BONK hit at $0.00001129 at decreasing trading volume.

Other major meme coins are also trading in the red. Dogecoin (DOGE), the flagship cryptocurrency of the class, lost 7% and slipped to $0.1689. The Pepe meme coin is also 7% down.

Shiba Inu lost 5.4%, erasing almost $500 million. The SHIB price hit a local low today in early morning hours at $0.00001263.

The aggregated cryptocurrency market cap is down by 4.3%, while Bitcoin and Ethereum slid by 3.4% each.

Meme crypto liquidations target $50 million

Among smaller meme coins, SPX6900, one of the largest picks by Murad, dropped by 16.8% to $0.4531. NFT-linked meme coin Pudgy Penguins (PENGU) lost 10.3% of its market capitalization.

As crypto is closing Q1, 2025 in the red, liquidations are accelerating. In total, $344 million in positions, mostly longs, were liquidated in the last 24 hours.

Meme coins contributed to this massive amount with VINE, DOGE, PEPE, MUBARAK, TUT being affected the most. Open interest on crypto contracts dropped by 4% in 24 hours.