Bonk (BONK), a large meme cryptocurrency on Solana (SOL), is posting double-digit losses today. In the last 24 hours, the Bonk (BONK) price plunged by over 11%.
The meme coin segment of the cryptocurrency market is coming under pressure as the market continues to lose value.
What Happened: Among the worst performers in the top 100 cryptocurrencies on Wednesday is Bonk (BONK), a large-cap dog coin. SOL-based coin dropped by over 11% in the last 24 hours to trade at $0.00001129 at declining trading volume, according to CoinGecko.
Other major meme coins are also trading in the red on Wednesday. Dogecoin (DOGE), the flagship cryptocurrency of the class, slid by 7% and slipped to $0.1689. The Pepe (PEPE) meme coin is also down 7%.
Shiba Inu (SHIB) dropped by 5.4%, wiping out nearly $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 (BTC) and Ethereum (ETH), the largest cryptocurrencies dropped by 3.4% each.
Smaller meme coins are posting double-digit losses. SPX6900 (SPX), 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.
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