DOGE and SHIB Crash, Pudgy Penguins (PENGU) Skyrockets 549%

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

Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB), and Pepe (CRYPTO: PEPE) — the top meme coins in the market — took a major hit on Monday, following a broader market crash.

While all meme coins dropped by double-digital percentages in the last seven days, according to CoinMarketCap data, DOGE and SHIB were down over 6% and PEPE plummeted almost 11%.

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 (CRYPTO: PENGU) which has skyrocketed 549.42% in the last seven days and 7.62% in the past 24 hours. The digital asset is trading at $0.03221 at the time of writing.

Meme Coins Crash as Bitcoin Drops, Liquidations Hit $681 Million

Meme coins crashed because leading digital assets Bitcoin and Ether dropped significantly and altcoins also fell. Plus, a whopping $681.11 million in long positions were liquidated in the past 24 hours, much higher than $121 million in short positions, according to data from Coinglass.

The crash also follows recent comments from US Federal Reserve Chair Jerome Powell who spoke out against creating a national Bitcoin reserve. Plus, for 2025, the agency plans to implement significantly fewer rate cuts than expected, which also resulted in bearish sentiment across the crypto market.

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